| Name:
Sonny
Title of Question:
Appraised value |
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Question: Do I have to sell my house for the appraised value? What law says I must sell my house for the appraised value or lower? |
Post Your Answer To The Question Above:
Name:
sthfl2000
| Date: April 2, 2006, 12:00 am
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Answer:
No Law says you have to. If, however, the Purchase and Sales contract you execute with the Buyer says that you will accept the appraised value as the new purchase price if the property doesn't appraise for the full asking price..then the Law does say you have to or you can be sued for Specific Performance should you decide to default. Other than that, you can sell for whatever you want! You should always have a Realtor and/or an Attorney review any Sales and Purchase contract to make sure it is in your best interest and that you are not giving away anything you didn't want to. BTW, the flipside holds true as well. The Financing Contingency on the contract affords the Buyer the opportunity to get out of the contract if the property doesn't appraise and the financing cannot be met. Bottom line, sell your at Fair Market Value, use a Licensed Realtor, have your Realtor AND/OR an Attorney review all of the documents and you should never have a problem. Good Luck!
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