The buyers missed the appraisal deadline of April 29 and asked for an extension to April 30. I have not signed the amendment to extend, so does that mean we can terminate the contract since they did not meet their deadline?
Generally, missing the appraisal deadline will prevent the buyers from getting their earnest money back if they do not perform because the property will not appraise for the value they need to obtain financing. It does not automatically cancel the contract. However, I echo Mr. Murillo's advice to review the entire contract with an attorney to determine your rights. You also need to speak to the buyers as soon as possible about your desire to cancel the contract. If all the parties agree then terminating the contract will be easy. If the buyers disagree, you may face significant liability if you terminate the contract in the wrong manner.
You can reach Harkess & Salter LLC at (303) 531-5380 or info@Harkess-Salter.com. Stephen Harkess is an attorney licensed in the state and federal courts of Colorado. This answer is for general information only and does not create an attorney client relationship between Stephen Harkess or Harkess & Salter LLC and any person. You should schedule a consultation with an attorney to discuss the specifics of your legal issues.
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Echoing my colleague, this is a critical issue and there is no way anyone can provide you advice on your rights and options under a written contract unless that contract is reviewed. Given this significance and the nature of brokers wanting to get this deal done, hire an attorney to review and advise you. The time involved would be minimal. Good luck.
This answer is for informational purposes only and is not legal advice regarding your question and does not establish an attorney-client relationship.
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