I'm selling a property and had it listed on the MLS, we have already opened escrow, completed home inspections and appraisal , and past due diligence period
The buyer's agent put in a purchase price of $150k, however under additional terms she put in "Buyer will pay $3k to seller at close of escrow. $3k to not be in the loan amount financed."
When i read that offer, I saw it as total purchase price of $153K. The appraisal came in at $145, so now the buyer wants me to drop the $3K.
The buyer agreed that purchase price is not contingent on appraisal, and the EMD is non-refundable, but wondering if his whole contract will be void because of the $3k outside of escrow.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
13y
Because you have a line of potential buyers and you have $2,500 EM and there's no financing contingency, I'd play hard ball. Respond "no". You have a valid contract where the seller agreed to pay the price regardless of the appraisal. Now they don't like the appraisal and want a break. Too late. If they don't want to close, they lose their $2,500. Otherwise they need to stick to the deal they already agreed to.