In RE transaction, agent tells listing agent that buyer agrees to close on house even after low appraisal comes in. Binding?

Asked about 1 year ago - Columbia, SC

I am RE broker and personally owned 2 houses which I placed on market for sale. Another agent procured sales agreements on both houses (same buyer) with a reduced price for buying both houses. One of the houses' appraisal came in under purchase price. Buyer's agent communicated verbally to me that despite low appraisal the buyer planned to close anyway even if he had to pay additional sums out of pocket. Closing date same for both properties. He closed on one house and his daughter moved in. His agent stated at closing that he would be closing the 2nd house in a week or two. Daughter unhappy with house she moved into; claims inspector missed items. Buyer seeing that his daughter was unhappy then failed to close on the 2nd house. Contract binding?

Attorney answers (3)

  1. Stephan Victor Futeral

    Contributor Level 13

    1

    Lawyer agrees

    Answered . No. Contracts for the sale of land in SC must be in writing (Statute of Frauds). However, if your written RE contract had no contingency regarding appraisal value, then the written agreement is enforceable.

    This response is for informational purposes and is not intended to convey detailed legal advice on specific issues.... more
  2. Stephen Ross Cohen

    Contributor Level 20

    2

    Lawyers agree

    Answered . Show the contract to an attorney there. No one can guess what is in it.

    My name is Stephen R. Cohen and have practiced since 1974. I practice in Los Angeles and Orange County, CA.... more
  3. Christopher Daniel Leroi

    Contributor Level 20

    Answered . You need to schedule an appointment to have an attorney review the contract.

    The information provided in this answer does not create an attorney-client relationship and is not considered to... more

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