Unfortunately that entire development sold at the heigth of the market, and this particular home sold new for $217,900, althought the intial list price was $282,900. It appears the home has been rented for a significant amount of time and that may have taken a toll on the condition of the home; a home's condition surely has an effect on it's value for sale. Regardless of what type of sale this is, the appraisal is still going to have a major effect on the sale price the lender is willing to accept. Bank Appraised this at $184,700 for the short sale. The bank needs to net $162,794. So even tho the list price today is $169,000 you can expect to pay more than than if the bank has declared their need to net a certain amount. You'll have to do the math backwards to include closing costs and commissions. If you'd like to make an offer I'd love to work with you as I specialize in the Baker area.... more
It happens all the time, regardless of what your agent says. Curious, your agent is suppose to be your advocate, not arguing for the other side.
Most often, if you can explain your situation and do so with sincerity, you'll just end up losing your earnest money. But the seller could sue you for loss of value (damages), and potentially more. Your best shot may be to write a letter, with all the sincerity you can, and a reasonable, well thought out explanation of why you don't feel comfortable with the purchase. Ask for the seller's forgiveness and that you understand you will give up your earnest money.
To seal the deal, you need get an agreement in place that says you and the seller are both agreeing to terminate the contract and that the seller is accepting your earnest money deposit as full damages and will not pursue further action.
That said, the above is not a legal opinion, and you really, really need to get an attorney to make sure you don't lose more than your earnest money.