Do i have a legal course to get my appraisers fees and inspectors fees back if the seller backed out of the deal literally 2 days before closing? There was a contingency for appraisal appraising at the purchase price.
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Do i have a legal course to get my appraisers fees and inspectors fees back if the seller backed out of the deal literally 2 days before closing? There was a contingency for appraisal appraising at the purchase price.
We have been working on this purchase since the end of august. the seller had a
contingency of them purchasing a home before selling their home and we agreed to
that, we were more than accommodating with time. The appraisal was done about 2
weeks before the closing date of 10/31/2018. The appraisal came back 10,000
less and the buyer on 10/29/2018 said she would not budge on the price and was
not going to sell now if we didn’t come up with the extra money and I don’t have
the money so I was wondering if I could get my fees back that I paid into this
purchase. The inspection was not done also until she found another home to buy.
Thanks for your time.
Asked on October 29, 2018 under Real Estate Law, New Hampshire
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
If the appraisal came back low so that could not get the financing you needed and were short of the purchase price, then the seller was legally entitled to terminate the agreement due to your breach of contract: regardless of where or how you come up with the funds, you were required to pay the contract price. If you could not or unwilling to pay it, you, not the seller, violated your contractual obligations; that breach means that the seller would not be liable to you for any fees, costs, or amounts. The seller, quite simply, is not required to budge on the purchase price.
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