|A real estate question.....|
So, the house next door to me sold for $670,000. Appraisal came in at $670,000. Seller was selling this house to buy a house for her daughter down in San Diego. So, 3-4 weeks into the transaction the buyers decide to get their own appraisal. It comes in at $652,000. They demand a sale price reduction to the $652,000. or they're backing out. Seller is between a rock and a hard spot as she's in escrow on a concurrent property down in San Diego. She can't afford to lose the one down in San Diego and try to re-sell the one here, so, she caves and agrees to the $652,000.
That's just not right to me. How can this be legal? Is that how real estate is done these days?