180K Contract - Send Cancellation or Negotiate? (contingency, appraisal, clause)

[ptry234]

Hi All - I'd like your thoughts on this. I submitted an offer on 1/17 for 180K for a condo in Los Angeles. The lender completed the appraisal on 2/24 for 165K due to various delays. The seller is telling me that we missed our deadlines (fact) and does not want to go down on the price. He wants to arbitrate the 10K of escrow money. I want to buy the place for 165K; otherwise I want to pull this offer.

Question : Do I have a case to send the cancellation of contract? The bank won't lend me more than 165K; but the seller says we missed our deadline. I would like to send a cancellation asap but my agent says he can negotiate the price for 165K.

Question 2 : If you think this might get to arbitration, should I pursue this with a real estate attorney?

Any help is apprecited. Thanks.

-leo

[Janecj]

It really depends on how the contract was written for anyone to answer your questions. The contract stipulates what must be done and when. Most contracts have an appraisal contingency clause in them. If it doesn't, then you may have a different scenario. Does the contract state: "Time is of the essence" on dates? That is another important clause you should look for in the contract. These types of questions always revert back to "what is written in the contract". If you are still unsure, get with your Realtor for explanation. If you don't have one, then I would speak with a Real Estate attorney for clarification. Hope it works for out for you.