Home Selling in Texas>Question Details

Mark Keller, Home Buyer in Tiki Island, TX

Appraisal came in 3%low, I lowered the price to the Appraisal. Are the buyers obligated to still buy?

Asked by Mark Keller, Tiki Island, TX Wed Jan 9, 2013

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They are not obligated to buy, but most probably would.
They have a lot to loose if they don't buy....
Probably at this point they've spent money on the appraisal, inspection, option fee, etc.

Good luck.
0 votes Thank Flag Link Mon Jan 14, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
Yes it does...too many entities in any transaction that can stop it in its tracks. If don't want to move forward with the sale, you can simply refuse to adjust the price and the buyer then has to come up with the difference between appraised value and sales price (not likely to happen) or the contract will terminate.

If you've been under contract for a month and the appraisal was just completed, I would say there are some serious issues with the lender and/or buyer and you need to find out why it took so long to get the appraisal completed.
0 votes Thank Flag Link Wed Jan 9, 2013
This has ill effects on the seller, as the seller i'm in contract on another home (under contingency) but this scrambles lives!! I have 16 years of life to relocate in days if we close and the buyer has a clause now. FYI We signed contract with buyer over a month ago and appraisal 2 days ago. UGH!!
0 votes Thank Flag Link Wed Jan 9, 2013
Assuming the TREC or TAR contract form was used, and absent any changes to the standard contract language, the buyer has the option of terminating the contract and receiving his/her earnest money OR the buyer can choose to move forward with the purchase if you reduce the price.
0 votes Thank Flag Link Wed Jan 9, 2013
If they sign the amended contract they are.... I believe.....
Some realtor will be along with more info.

This affects the finance addendum of the contract, so the buyer has an 'out'....
0 votes Thank Flag Link Wed Jan 9, 2013
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