Appraisal Higher than Sale Price in Estate Sale

[Rick Sheldon]

Please let me know if my deal is safe... about 2 weeks ago I submitted a signed purchase agreement to the title company, for the home of a deceased family friend’s father.

Today, I found out that the brother of the woman selling the house (she is the executor) is causing drama about the estate- specifically the house- because he feels that it’s being sold less than it’s worth... which it is, but the executor wanted to avoid the hassle of doing any renovations and paying realtors/closing costs, etc. The purchase price is $19,500, and the house might be worth $30-35k.

The contract we signed said the closing was to take place no later than 8/15, but now the family’s lawyer is getting involved and trying to pick holes in my contract, maybe to get my seller to cancel? Seller told lawyer that it includes verbiage about being sold “as-is” and that I’m not going to come after her if fridge breaks and was listed as operational in disclosures, etc.

Long story short: they are having century 21 out to “evaluate” (appraise maybe?) the house, tomorrow, and I’m wondering if there is any way they could back out of the contract if the appraisal comes in high, etc.? Also, if this gets dragged out beyond 8/15, would that somehow void the contract?