Home Buying in Paterson>Question Details

Enrique Mend…, Home Buyer in Paterson, NJ

i almost bought a home i expend in inspection and the appraisal but the appraisal kill the contract can i get my money back

Asked by Enrique Mendoza, Paterson, NJ Fri Jun 21, 2013

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This question was asked from this property: http://www.trulia.com/property/3122595431-294-Redwood-Ave-Pa…

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5
Are you working with a real estate professional that is representing your interests? They should be advocating for you on this issue. As previously stated, unless there are unusual conditions attached to your agreement, you shouldn't have any problem recovering your escrow money.

Speak with your agent about this.....

Good luck,

Bill
0 votes Thank Flag Link Sat Jun 22, 2013
Your deposit monies should come back to you, but the costs of the appraisal and the inspection are costs of doing business that will not be refunded regardless of outcome of tranaction.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Sat Jun 22, 2013
The appraiser has done their done their job and deserves to get paid. Normally appraisal issues can be worked out but you need to talk to your Realtor® about it.
0 votes Thank Flag Link Sat Jun 22, 2013
No you can't get any money back. I'm assuming when you write that the appraisal killed the contract that you mean that it came in lower than the contract price. In this instance there are a few options and the one that's most common is that the seller reduce their price to the amount of the appraisal.

Sellers who refuse to do this are generally refusing to face reality, and their Realtor should be asking them,"Why do you believe that the next buyer will get an appraisal that's any different from this one and if you do believe it's will be different, what makes you think it will be higher and not lower? If you want to sell this is the price you're going to have to live with."

Alternately if you honestly believe the appraiser made some mistakes in their valuation you, your Realtor and/or lender could request them to review their work and I would suggest your Realtor supply them with comps they may not have considered.

Finally you could simply choose to pay the difference though I'm not certain why you would want to do this unless you really felt the property was worth more than the appraiser felt it was.

Regardless of what happens the money you spent on the appraiser and on inspections is gone.
0 votes Thank Flag Link Sat Jun 22, 2013
I don't see how an appraisal can kill a contract. Only a principal to the transaction can kill a contract.

As for whether you can get any money back, it depends on whether you have that clause specified in your contract.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sat Jun 22, 2013
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