But first of all you need to consult with an attorney not to sue, but with a real estate attorney for you to
understand exactly the terms as they are stated in the original contract, the rejection of the lender to
give the loan commitment based on the appraisal....
Once you get educated on the legal issues and terms, you will be able to decide what to do, i.e. what
will be in your very BEST interest.
I am wondering if you worked a) with a Realtor b) with a real estate attorney or if you sold your home for sale by owner...
If the appraisal comes in low, if the lender does not provide the loan commitment at the requested or extended date there is probably a clause in the contract that deals with this very issue....
If a price is going to be changed on a sales contract it can only be done in writing and with the written, signed approval of both parties....
Talk to your attorney.... and you will probably be better off to put your home on the market with a
good Realtor, price it right, prepare it well and stage it may be with great photos and go on, but you
will know what to do once you talked to an attorney about the legal terms of your contract.....
Good Luck to you
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
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Investors alike....And always with a SMILE :)
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