Not being an attorney, I cannot offer legal advice. And since you seem to be represented by a Realtor, as a Realtor I cannot interfere by offering specific advice regarding your transaction. All I can and will do is answer your question in general terms.
Parties to any contract (e.g., a real estate contract for sale) can agree to revise that contract in any way they want provided that the modification does not require any party to do something fraudulent or unlawful. I have seen many proposed changes to real estate contracts, but I am sure I will not have seen them all even when the day that I stop selling real estate has come.
If your contract is fully executed and binding in its present form, you don't have to agree to change it and the parties will remain legally required to perform according to the provisions of the contract as it is written. In this case, you should consult with your attorney and your Realtor about the benefits and drawbacks of agreeing or refusing to modify the contract with a proposed Amendment.
If the contract is not yet signed by the buyer, then the buyer might refuse to enter into the contract without the proposed Addendum (or "rider"). If the contract is signed by both parties yet remains subject to attorney review (i.e., not yet fully binding upon the parties), then the contract is subject to cancellation by the buyer's attorney if you do not agree to change it with an Addendum or an Amendment. In these two cases, you must weigh the decreased value (to you) of the contract integrated with the proposed changes versus the possibility that the buyer will walk if you do not agree to the proposed changes.
Jonathan E. Brill, Ph.D.
Keller Williams Realty, Cherry Hill
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Barbara Fitzgibbon-Broker-Associate, Turnersville, N.j, First, remember that an appraisal is 1 man oppinion.You can appeal the appraisal, ask your Realtor to gather all comps with in the last 4 mo. that would be somewhat comparable to your home. I think if you get some good info for them, most appraisors are willing to look at it and hopefully increase your value, if it's there. The last resort is, you would have to bring the difference to the table which unfortunately has been done many times recently. A short sale is a fairly long process and damages your credit for some time. If I can offer any help, let me know. Good Luck!... more