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maiden
Whoa!
Member since 5/08 1814 total posts
Name:
T
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As a buyer, if a house is appraised for less and you want to walk away, do you lose the contract signing deposit?
I am looking at buying a house, but curious about something. If the bank appraises the house for less than we will pay, and if the buyer doesn't budge, can we walk away and get back the deposit we will leave at contract signing?
TIA
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Posted 9/29/10 9:47 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: As a buyer, if a house is appraised for less and you want to walk away, do you lose the contract signing deposit?
You have to look at the contract to be sure, but likely the answer is yes, you can walk away if the seller does not come down.
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| Posted 9/29/10 9:53 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: As a buyer, if a house is appraised for less and you want to walk away, do you lose the contract signing deposit?
usually yes, unless your accepted offer notes that you can't
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| Posted 9/29/10 9:59 AM |
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Andrewz00
Look! I changed it!
Member since 4/10 1789 total posts
Name:
Andrew
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Re: As a buyer, if a house is appraised for less and you want to walk away, do you lose the contract signing deposit?
if your lawyer knows anything... he will make sure that your contract contains stipulations on why and when you can walk away from a contract without loosing a dime...
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| Posted 9/29/10 10:09 AM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: As a buyer, if a house is appraised for less and you want to walk away, do you lose the contract signing deposit?
almost all contracts have a mortgage contingency clause. so if you can't get a mortgage for the amount needed to buy the house because of the low appraisal, then you can walk away...
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| Posted 9/29/10 11:37 AM |
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maiden
Whoa!
Member since 5/08 1814 total posts
Name:
T
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Re: As a buyer, if a house is appraised for less and you want to walk away, do you lose the contract signing deposit?
Thanks everyone.
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| Posted 9/29/10 12:18 PM |
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