High appraisal but real estate closing delays – advice needed

High appraisal but real estate closing delays – advice needed
Profile photo of asked 2 years ago

We are purchasing the house. Our agent has known the sellers for 20+ years. His son is representing the sellers. (it’s a small town) We’ve done our homework and have no concerns with our representation – I.e., everything has been on the up and up.

 

Our loan officer advised us that the appraisal was in and was $ 30,000 higher than our purchase price (yippee!!). That same day, the loan officer had spoken to our agent but did not mention the appraisal was in. Is it the loan officer’s responsibility to let agent know? Should we have notified agent? Is it common for the buyer to forward the appraisal to his agent?

 

Our agent did ask us how the appraisal came in and we told him it was above purchase, but not the exact amount. He said he would let the sellers know.

 

Our agent’s company provided the comps that established the sales prices for the house so I’m sure he’s interested. Yet, the appraisal is really a matter between us and the bank issue – right?

 

I’m also curious, if the bank gets backed up (i.e., not our fault) and we cannot make the agreed upon closing date – can the seller ask to renegotiate the purchase price? I.e., is the original purchase contract null and void and we are back to the drawing board? We are worried if they know that the appraisal was higher, and we don’t make closing, that things might get fouled up. The market is going crazy here and we don’t want to lose this deal.

 

Thanks for the input!

 

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