Seller hasn’t signed termination of contract
So here’s the deal...
We are technically under contract on a property in Texas and a few days before we were to close we got the appraisal back and it came in 8k under the contract price. Now since it’s a fha loan we know we can walk away and not lose our earnest money, but we figured the seller would not throw away this deal and just come down on the price so we could close...But we were wrong, so I think.. He stated even though the appraisal say the prop is worth 260k he still wants the 268k we agreed too and understands he would not be able to keep our earnest money. So since we are definitely not going to pay the difference we figured we would sign to terminate the contract and move on. BUT the seller hasn’t signed and it’s been 2 days now. He stated he wanted to do some research, whatever that means. My question is does anyone know how long he has before he has to sign the term of contract or agree to drop the price and close?
We were suppose to close on feb.27th and never signed any extension of closing.
Also we do want to close on the property but don’t want to be held in limbo as everyone is agitated at this seller at this point.