cash offer wants appraisal AFTER contract signed.

[Rick Harmon]

We have a cash offer on our house and we have met all of the contingencies set forth in the contract.  Now the buyers wants an appraisal for his "personal" use.  We are very hesitant to let him do it, for prices have gone up faster in our area than the appraisers can grasp and we got a good offer.

Does the buyer, by law, have the right to get an appraisal now that all contractual obligations have been met?  We think it is a back out clause for them if it does not appraise.  Of course we may get to keep the earnest money but we really want to close.  All contingencies have been signed off and this is a new out of the blue request.

[Chris Mason]

Would need to see the full unredacted text of your contract with the buyer to answer. Most of them allow the buyer to perform various inspections, within reason, even if there are no contingencies. 

I'm actually surprised you knew it was for an appraisal. If a buyer, I'd just say it was an inspection so I can plan for what upgrades/fixes that I'd need to do on the house after closing, which is a true enough statement, it's called an appraisal "inspection" when the appraiser visits the property.