Go with the advice fo your legal representation. Three is way too much garbage happening to worry about an appraisale that came in a $1k less tan expected.
Love abd Peace,
Francesca, Realtor, ePro
Yes, you might have had your attorney ask for an extension, but he already alerted the sellers that you had a committment in place (from Bank A), so you already fulfilled the contingency.........if you did ask for the extension, if it's any consolation, the sellers probably would have said no, not wanting to delay the closing.,
By the way, I would always defer to the attorney on a legal matter, not a Realtor.
I read the article you attached, and I had a similar experience to what was discussed. My buyer lost his job 2 weeks prior to our closing. The mortgage committment was revoked because of that. At first, the sellers' attorney tried to say they were entitled to keep the 10% deposit ($50,000).......but in the end my buyers got their money back. Since the contract was contingent on them obtaining a mortgage..and that mortgage was refused, even though the committment had been received initially, it was deemed that they were entitled to the return of their deposit.
This economy has put a lot of new obstacles in the way of buyers for sure...appraisals are just one of them!
Good luck with your purchase.............enjoy your new home!
Prudential NJ Properties
I should have exercised my right to ask for a 10 day extension to the Mortgage contingency clause.