If the appraisal deadline is missed, and the buyer asks for an extension, what happens? We are the sellers.

Asked by seller/buyer, 30030 Mon Jun 20, 2011

The appraisal deadline was today, but the results did not come back and we were asked to agree to an extension. We don't really want to do that as it delays all the following deadlines. What happens past today?
I am thinking that if we miss the objection deadline, the buyer is obligated to the contract, or will decide to terminate. Or, has the contract already fell through because of the missed deadline and no signature?
Thanks for your help.

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David Burnham, , Washington, DC
Tue Jun 21, 2011
If it is an FHA loan, then there are no penalties for missing the appraisal. If it is not an FHA loan, then I would sign the extension and continue on unless you know for a fact that the buyer is dragging their feet.

Chances are the buyers are excited about the home and working to provide the lender with all the information they can in a timely manner. Banks tend to drag their feet as do appraisal companies. Neither of these are the buyer's fault and your quickest way to settle the home is still with your existing contract.
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Sameer Punja…, Agent, Vallejo, CA
Mon Jun 20, 2011
Well contracts are signed by all parties so they can follow the terms and conditions. In California, if this is the case, your agent would send out something called, "notice to buyer to perform" This would give the buyer a time period to remove the appraisal contingency. If they don't, then you would be able to cancel the contract.

Now, what is probably best is to find out through your agent what is going on. But, normally it doesn't take 17 days to get an appraisal done. (this is the normal time frame to remove all contingencies) Now, if you do have another buyer, a back up buyer- then go ahead and think about this route. But if you are going to have a hard time finding another buyer, then it's probably best to work with the current buyer you have...

Your agent should be able to provide this info to you.
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