Leigh Dusenb…, Home Buyer in Fredericksburg, VA

We have accepted a contract on our home, however we are still waiting on the appraisal. We are suppose to go to closing in a week.

Asked by Leigh Dusenberry, Fredericksburg, VA Tue Jun 11, 2013

Is it too late to back out of the sale of our home?

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6
Ron Thomas, Agent, Fresno, CA
Tue Jun 11, 2013
Something is wrong here:
How could anyone possibly schedule the CLOSING when you haven't gotten the APPRAISAL back?
Either the Appraisal is late, or the Escrow is too short.
Who advised you on this?
0 votes
Darwin White, Agent, Chattanooga, TN
Tue Jun 11, 2013
Your question puts anyone who is not an attorney at risk for giving legal advice with out being a licensed attorney. The best recourse you have at this time is to seek legal cancel from your attorney. The attorney may have other options for you! Such as reviewing the contract to see if the buyer has or has not acted in good faith. Knowing if your buyer has acted, or has not acted in good faith, would be in your best interest. It is always best to stay out of court and not get involved in legal battles. Ask your attorney if he or she can mediate a settlement for damages if you are owed any, or be prepared to pay damages if you end up owning any.
0 votes
Donace Dill…, Agent, Chattanooga, TN
Tue Jun 11, 2013
Hopefully you have your home listed with a REALTOR(R), I would ask their advice.
0 votes
Kim Eisen, Agent, Twin Cities, MN
Tue Jun 11, 2013
Dear Leigh - There are too many unanswered questions in your question. Please speak with your real estate agent that knows the details, and/or an attorney. We love to help, but that's a huge legal question and without knowing the contract or details of the 'whole' transaction, it would not be wise or fair to really answer that question for you.

Nothing so simple that two attorneys couldn't argue about it. ; ))

If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.

Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)

http://www.QuickHomesSearch.com
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Tue Jun 11, 2013
Probably too late unless the appraisal comes in too low in which case it might all stop anyway. No one can make you sell but you could face a legal battle.

Go talk with Mike Barrett in Fredericksburg and seek his advice - tell him I said HI.
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Tue Jun 11, 2013
Are you willing to reimburse the buyer for the appraisal, inspections, and any other hard dollar expense they incurred then refund their good faith deposit and double it? If the tables were reversed how would you feel if the seller backed out?

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference:  http://jamessimms.com/
0 votes
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