|Who used due diligence in getting an appraisal contingency AND a finance contingency in the contract. If neither fits, its not binding.|
"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. "
So, 3-4 weeks into the transaction, the lender sent an appraiser out, which the buyer typically pays for.
Wonder why the seller's agent wasnt around? Would anybody in their right mind use a seller's appraisal? Granted there was a bidding war. Seller's agent allowed the contingencies.
Janet is right. Sell the home first or you're juggling hot potatoes. I wouldnt hesitate to use the buyers agent. Boo on the seller's agent for showing lack of fiduciary duty. Sounds like the agent already knew the appraisal was high or would have stood their ground. Everyone in the scenario has the same MLS comps. C'mon...