Seller Financing; How Do I set Appraisal Contingency?

[Jordan Decuir]

I'm looking to submit an offer to purchase an MLS-listed property here in the Houston area using Seller Financing. I plan to obtain a formal appraisal on the property and give myself an "out" if the appraisal comes back below the purchase price. If I were using a third-party lender, I could use the "Right to Terminate Due to Lender's Appraisal" Addendum to achieve this, but there is no third-party lender in this scenario.

Are there any TREC or Texas Association of Realtors promulgated forms to allow me to do this easily?

[Jordan Decuir]

@Jon A.

Valid point. To your point, I’m putting very-little stock in an appraisal in this case. I assume that it’ll appraise for my purchase price based on my due diligence. But, I’m not someone who spends all day, every day attempting to value homes, like an appraiser does. Therefore, I’d like to give myself another “out” (or potential bargaining chip) in the event that I missed something simple.