Home Selling in Seymour>Question Details

Louis Nistico, Home Buyer in Seymour, CT

Selling townhouse in CT. Buyer and I sign contracts with contingency on mortgage. i get email from HER bank saying congrats and your approval. A

Asked by Louis Nistico, Seymour, CT Tue Mar 6, 2012

week later she says appraisal was a little low and wants lower price. i decline. Neither of us have agents. Working through attorneys only. i then get letter from her attorney that his client was unable to get mortgage there contract void. My lawyer sent earnest deposit back immediately without even calling me. I have requested denial of credit letter repeatedly from all parties, only to be told I could be sued for harrassment. Advice? Lou Nistico 2035207162, much appreciated!

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Sounds like you'd be better off using an agent next time - this is exactly why you need professional guidance. Good luck!
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Thu Oct 24, 2013
Read the approval letter for the conditions still outstanding at the time the approval was given. It is likely that there are "outs" there, such as appraisal value, final underwriting etc. You might want to try another attorney so that you can put your mind at ease. If the appraisal was not done prior to the letter then the appraisal would have been a condition; the bank will not lend on a property that comes in lower than selling price. Yes, you are right to assume you should have been consulted prior to the deposit being sent back and you should have signed off on the rescission of the deal. Make sure the attorney you use is a real estate attorney, not just an attorney. It makes a difference when a glitch comes up in the sale. Best of luck on finding another buyer. Maybe you should hire a Realtor to save you some stress.
0 votes Thank Flag Link Wed Oct 16, 2013
Hi Louis, normally both buyer and seller would sign a Mutual Release ending the transaction and for the return of the deposit. However, the buyer's mortgage would be denied if the property did appraise for less and you would need to return the deposit if you were not agreeable to lower the sales price. I would be more than happy to meet with you if you would like to re-list your townhouse. Julie Lucia, Showcase Realty, 203-578-5631; julie@julierealestate.com
0 votes Thank Flag Link Wed Mar 7, 2012
Ask your Attorney but if it didnt appraise and you didnt lower the price the buyer will be declined.
0 votes Thank Flag Link Tue Mar 6, 2012
Your attorney cant release the escrow without all parties agreement.
0 votes Thank Flag Link Tue Mar 6, 2012
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