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Old 04-18-2019, 08:07 AM
 
1 posts, read 345 times
Reputation: 10

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I have been in the process the last 5 months trying to purchase a barber shop well it just recently was clear to close. However I found out at the same time I was clear to close that the property did not appraiser for what we had hoped. The appraiser did not allow income approach which killed the deal for me the buyer. I asked the seller to lower his asking price to make the deal work. He refused and said he was going to proceed with suing me. I know I will lose my Ernest money and on top of it the contract expired a month ago and he refused to extend it. Can I be forced to purchase this property?
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Old 04-19-2019, 07:07 AM
 
Location: Bloomington IN
8,304 posts, read 10,831,486 times
Reputation: 22980
You may want to ask the moderator to move this to the Real Estate forum for additional responses.

First, no one knows what your contract says. Your contract determines what the seller and you can/cannot do. It dictates what happens if the property does not appraise. It also states under what circumstances the seller has the right to keep the earnest money. Without that information no one answer your question accurately, just offer opinions.

Did the property appraise for the sales price or whatever price was indicated in the contract? OR did you just expect it to appraise for more and don't like the lower value you previously agreed upon? I'm wondering about that second option because you said you were clear to close. You typically won't get a clear to close until the appraised value is known and meets the requirements of your lender.

In general terms you can't be forced to purchase the property, but the seller MAY have the right to sue you. Again, what does the contract say about any appraised value requirements? What remedies does it provide to you and the seller?

Speak to a lawyer.
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