Ok, we are waiting to hear from an attorney but would like to hear from others. We're in California
Husband and I accepted an offer on a SFR we own. Terms as follows
1. Purchase price 420K
2. Buyer t pay $5K above appraised value up to agreed purchase price
Purpose of sell is a 1031 exchange. We were overly optimistic about finding a replacement home given lack of inventory in our area, higher purchase costs, remodeling done on previous home and agent+ closing fees. Lesson learned: add a clause as seller that gives you a 'way out' when not 100% sure of exchange.
Appraisal came back at 410K, making the deal 415K. Can we use this as a 'way out'? since we didn't get our asking price? I've been reading that it's possible and we can opt to 'not negotiate'. I understand we'll have to pay the deposit+ appraisal+ staging fees and possibly other costs.