Financing & Appraisal Contingency

[Grace Wang]

My primary residence in northern VA is under contract now and the buyer's financing and appraisal contingency will expire by 9pm of 6/30/15. Our listing price was $499,900. On the existing contract, the selling price we both agreed was $499K with $10K closing assistance to buyer. However, the buyer agent suddenly came up with an addendum with a price change to $489,000 with $0 closing cost. The appraisor just stopped by on 6/25, but the addedum has already been signed by the buyer on 6/24. By looking at the numbers, the addendum should do seller good because we will pay less tax and commissions. However, my gut feeling told me the buyer might play tricks. Appreciate your wisdom for the below questions:

1. Does this addendum open the door for price re-negotiation?

2. Can we ask for a copy of appraisal before we accept this addendum? We don't know what the appraisal value will be, so we are afraid that the agreement to this price change addendum will put us in a unfavorable position in case the buyer comes back to negotiate down the price due to a lower appraisal value.

3. Do we have to respond to this addendum within 3 days?

2. Is there any potential trick or risk which we didn't anticipate if we accept this addendum?

Thank you!