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If the house doesn't appraise, maybe he can't get the financing. I'd make sure they buyer knows that you will not reduce the price if the house doesn't appraise. Your buyer is probably planning on using the appraisal to renegotiate the price. Make it clear right from the start that isn't going to work
If the buyer is shaky about financing (can't finance if the house does not appraise at the full amount), give him a short drop dead date to get the appraisal done. You don't want to hang out waiting all month before you know whether or not he is actually buying.
Buyer said this:
"The contract shall be contingent upon a satisfactory appraisal for the contract purchase price of $[x]. In the event that the appraisal is unsatisfactory and the Seller is unwilling to reduce the purchase price, then the Buyers shall have the option to cancel the contract."
So the buyer thinks it may not appraise and expects the seller to meet the appraisal price if it's low.
Who on earth wrote that paragraph? What exactly is a “satisfactory appraisal?” Do they mean an appraisal that is equal or greater than the contract price? Or is it an appraisal properly formatted and free of typos? If the former, then it should have been worded that way.
OP, you have taken the option of getting more money for a sale with financing, and with that comes the stress and uncertainty of waiting for the financing.
Other people prefer the all cash offer for perhaps less money but with a lot less stress. Which is why people who have all cash can often get a better price.
Neither way is wrong. You want the extra money, so all you can do is to cross your fingers and ride it out, hoping it will all come together and work.
When I sell to a buyer who is financing, it usually works. Odds favor you, but with less of a guarantee than you would get with an all cash sale. All cash sales can and do fall out of escrow, so they aren't 100% guaranteed, either.
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