Seller Financing; How Do I set Appraisal Contingency?

[Jordan Decuir]

I'm looking to submit an offer to purchase an MLS-listed property here in the Houston area using Seller Financing. I plan to obtain a formal appraisal on the property and give myself an "out" if the appraisal comes back below the purchase price. If I were using a third-party lender, I could use the "Right to Terminate Due to Lender's Appraisal" Addendum to achieve this, but there is no third-party lender in this scenario.

Are there any TREC or Texas Association of Realtors promulgated forms to allow me to do this easily?

[Chris Seveney]

Quote from @Jordan Decuir:

I'm looking to submit an offer to purchase an MLS-listed property here in the Houston area using Seller Financing. I plan to obtain a formal appraisal on the property and give myself an "out" if the appraisal comes back below the purchase price. If I were using a third-party lender, I could use the "Right to Terminate Due to Lender's Appraisal" Addendum to achieve this, but there is no third-party lender in this scenario.

Are there any TREC or Texas Association of Realtors promulgated forms to allow me to do this easily?

 I would stick to my guns and absolutely get an appraisal. While it could be off and is an opinion, its still valuable to have and also gives you an out if it comes back low because of comps. I also would not pay more for a home than what it is worth even with owner financing. Leverage is leverage. Whether it comes from a bank, a priest or the seller. While its less hassle - if life happens and you have to sell you will not be able to if you overpaid.