Contingency period and how it works

[andymajumder]

Guys, I really need some help here. In my case based on some more comps which the seller’s agent had sent the appraiser has increased the value by 25K. Now from being 15K below the purchase agreement price, its 10K above. However, the house measures 200 sqft less than what it was listed for. I spoke to the appraiser a little while back…he is certain that the size of the house is very close to what he measured it as and is not close to what it was listed in the records.
What should I do, I don’t want to and will not pay for the agreed upon purchase price because I am getting 200sqft less than what I thought I was paying for. But, the 17 day contingency period is over, but I haven’t signed for any of the contingency release documents. But, since its already appraised at the purchase price….I maybe forced to sign the appraisal contingency. How can I back out without loosing by 5K earnest money deposit.

[all]

Can you measure the house?

[all]

Can you measure the house?

[all]

Can you measure the house?

[all]

Can you measure the house?

[all]

Can you measure the house?

[SD Realtor]

You can easily back out especially since you have not formally released the contingency AND the square footage discrepancy is causing you hearthache. Simply ask your agent to send a cancellation. Sign it and request your full deposit back.

One is never FORCED to sign anything. You obviously cannot cite the appraisal as being the reason but you can cite that the square footage not matching the tax records and not having an adequate explanation should do the trick. If you are not sure of the measurements Cornerstone Appraisals will go out and only measure the home for like 100 bucks.

[SD Realtor]

You can easily back out especially since you have not formally released the contingency AND the square footage discrepancy is causing you hearthache. Simply ask your agent to send a cancellation. Sign it and request your full deposit back.

One is never FORCED to sign anything. You obviously cannot cite the appraisal as being the reason but you can cite that the square footage not matching the tax records and not having an adequate explanation should do the trick. If you are not sure of the measurements Cornerstone Appraisals will go out and only measure the home for like 100 bucks.

[SD Realtor]

You can easily back out especially since you have not formally released the contingency AND the square footage discrepancy is causing you hearthache. Simply ask your agent to send a cancellation. Sign it and request your full deposit back.

One is never FORCED to sign anything. You obviously cannot cite the appraisal as being the reason but you can cite that the square footage not matching the tax records and not having an adequate explanation should do the trick. If you are not sure of the measurements Cornerstone Appraisals will go out and only measure the home for like 100 bucks.

[SD Realtor]

You can easily back out especially since you have not formally released the contingency AND the square footage discrepancy is causing you hearthache. Simply ask your agent to send a cancellation. Sign it and request your full deposit back.

One is never FORCED to sign anything. You obviously cannot cite the appraisal as being the reason but you can cite that the square footage not matching the tax records and not having an adequate explanation should do the trick. If you are not sure of the measurements Cornerstone Appraisals will go out and only measure the home for like 100 bucks.

[SD Realtor]

You can easily back out especially since you have not formally released the contingency AND the square footage discrepancy is causing you hearthache. Simply ask your agent to send a cancellation. Sign it and request your full deposit back.

One is never FORCED to sign anything. You obviously cannot cite the appraisal as being the reason but you can cite that the square footage not matching the tax records and not having an adequate explanation should do the trick. If you are not sure of the measurements Cornerstone Appraisals will go out and only measure the home for like 100 bucks.

[andymajumder]

SD, many thanks. I was curious why you aren’t buying now given where interest rates are . Are putting in low bid offers on some of the properties that you like. If you are not looking at all for buying…why is that.

[andymajumder]

SD, many thanks. I was curious why you aren’t buying now given where interest rates are . Are putting in low bid offers on some of the properties that you like. If you are not looking at all for buying…why is that.

[andymajumder]

SD, many thanks. I was curious why you aren’t buying now given where interest rates are . Are putting in low bid offers on some of the properties that you like. If you are not looking at all for buying…why is that.

[andymajumder]

SD, many thanks. I was curious why you aren’t buying now given where interest rates are . Are putting in low bid offers on some of the properties that you like. If you are not looking at all for buying…why is that.

[Author]

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