Home Selling in 45424>Question Details

Diywarrior, Home Buyer in Dayton, OH

Can a seller drop out of a contract if the appraisal is not done in time?

Asked by Diywarrior, Dayton, OH Tue Jul 16, 2013

Help the community by answering this question:


Check your contract. It should all be spelled out in there.
0 votes Thank Flag Link Wed Jul 24, 2013
As Real Estate Agents are NOT licensed to practice law, so the best answer here is CYA (Call Your Attorney).
0 votes Thank Flag Link Wed Jul 17, 2013
Michael, Very good reply. Read the contract and attempt to understand. If in doubt of you believe the seller is not fulfilling the terms of the contract, speak with an Attorney.
Flag Wed Jul 17, 2013
What does the contract state in matters like this?
0 votes Thank Flag Link Wed Jul 17, 2013
When the buyer writes the contract they state how many days before they have to complete their mortgate application, complete their inspections, and order an appraisal. It is the buyer and their Realtor's responsibilty to keep things moving along and do their best to hit those deadlines. Most sellers are happy to extend those time periods because the sale is in their best interest. It would be unusual for a seller not to "play ball" with the buyer if something doesn't happen on time unless there are other circumstances not mentioned here or the seller has decided not to move forward and is using this as a vehicle to stop the sale.
0 votes Thank Flag Link Wed Jul 17, 2013
Dlywarrior, Your question says "Drop out of Contract". You would have to look at the contract to see under what conditions the seller can cancel the contract. A contract should explain the requirements and responsibilities of the Buyer and Seller.
0 votes Thank Flag Link Tue Jul 16, 2013
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