Realtor Legal recourse

[Matthew Irish-Jones]

HI All,

I just put in an offer for a home at $136,000.  My Realtor assured me based on comps it would appraise for well over $100,000, so I signed a contingency stating I would make up the difference if it under appraised.  I had planned on putting 20-25% down.  Now my Realtor is telling me we may have an issue because he spoke to the appraiser and he thinks it is going to under appraise.  

I already have a $4,000 down payment on the home, skipped the home inspection, and signed a contingency.  Do I have any options left to get out of this deal if need be without losing my 4K deposit?

Does my Realtor bear any responsibility for misleading me?  I have all of this information saved through text messages, including "his assurances it would appraise for well over 100K, I had to sign the contingency to get the house, and I should skip the home inspection."

I don't have the actual appraisal in yet but, if it is well under my offer, I will need to come up with the rest of the money out of pocket, which is not really possible from me at this time.

Any advice would be greatly appreciated.

[Andreas W.]

@Matthew Irish-Jones

I don't see why the realtor is the boogieman here. He gave you an opinion based on the information he has access to. Even if he used different comps than the appraiser and came in higher, how did he violate the law or his duties as a realtor? Even if you had paid for a BPO, which , I guess, you didn't, it is not more than an opinion. If you go after your realtor, you probably get drop faster than you can drop him/her.