You say you have come down as far as you are willing but they want more of a concession. It is not a matter of whether they have the money; you do not have an agreement.
Your agent should be able to guide you in the method of drawing a line in the sand in which the buyers release all contingencies and set a closing date based upon an agreed upon price. If they fail to come up with the cash to close, you should expect to retain their deposit.
Tell the buyers that if they do not offer an acceptable amendment to the contract by a specific date that you will not sign or initial any changes no matter how small unless a Temporary Lease Addm with as many days as you need to stay in the home after closing is added to the transaction.
Best of luck .. Bruce
A buyer's agent would advise the buyer on what was best for them in terms of negotiations if the appraisal value comes in low or other aspects regarding financing.
Bernstein Realty, Inc.
I would say the buyer has no duty to disclose anything like that. However, the seller has no duty to accept the offer.
If you are in the contract already. Your answer is in Paragraph 4A1. If it does not appraise and the lender will not loan the amount specified, the buyer has the right to terminate and have the EM returned up to closing day.
Are you the seller who has seen the appraisal fall short? Has the buyerâ€™s loan contingency period expired?
â€œDo buyers have to discloseâ€¦â€ No, but it is not that simple, is it?
The appriaisal is solely to assure these banks can sell the mortgage to Fannie and Freddie and has litte reltaionship to the defination of MARKET VALUE. They become a third party to the negotations who have completely seperate goals.
You have already reached an agreement regarding the purchase price with the seller. You may want to consider increasing the downpayment if this is the house for you.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Move to the FRONT OF THE LINE (http://FirstLookHomes.us)
I would sit down with your agent and try to find a way to make it work for all parties. Communication is what makes solutions possible.
Best of luck .. Bruce