"The Purchase Agreement has a "Further Condition: ...If the appraisal does not meet the purchase price the seller has the option to reduce the purchase price to that value. "
well - you took that option - you said you did meet the appraisal price...............so..........based on that, it appears as though the option money would be forfeited if the buyer didn't move forward with the sale.
Still.............you need to get legal advice......this is only my opinion.
Turn to your agent and a real estate attorney!... more
It sounds like you need to market your home with a "triple play". For sale, lease option, and for lease. For more information, go to www.realestatetripleplay.com In today's marketplace, you need to "think outside the box" to move to your next home. We have literally been signing up 5-8 home sellers on either a triple play option or just straight lease of a home that is not selling. If you are building in Zionsville, it sounds like you have the resources to hold onto this for a few years, rent out, then sell when the market is better and allow you to pocket tens of thousands of dollars more then if you needed to sell now.
To give you an idea of the types of homes we manage and rent out, take a look at the over 40 single family homes we have for rent right now at www.rentindynow.com... more