Removing Appraisal Contingency

[Anita DeHart]

We recently submitted an offer on a house.  The sellers agent recommended we remove the appraisal contingency due to competing offers.  She told our agent that there had already been an appraisal and that although she couldn't share the exact amount (since it was paid for by previous buyers whose sale fell through) and that it came in at at what we were offering.  So we removed the contingency. We are now in escrow and it turns out the old appraisal is significantly less than our offer. Do we have recourse for selling agent lying about the appraisal amount (even though we don't have proof) or at least that her failure to disclose the lower appraisal amount is a failure to disclose relevant fact that could have affected our decision to purchase this house.

[James Mc Ree]

Back out after the home inspection, assuming you have a home inspection contingency. Home inspections always find something and you cite that as the reason you will not buy.