Seeking Appraisal Help

[Chris Brillante]

Hello!

I am currently under contract on a property in North Jersey (Morris Plains). The property is a two family house, 2 bed 1 bath on the first floor, 1 bed and 1 bath on the second. We are running into some issues with the sellers attorney regarding the appraisal language. They are insisting that the contract state that no matter what the house appraises for we still have to proceed with the sale. My offer price was a bit over listing as the market is extremely competitive. I am not extremely worried about the house appraising low but I was curious if anyone had any input on a particular situation like this. Or if anyone is an appraiser and wouldn't mind chatting further. I appreciate the help!

[Aaron K.]

Unless you have the cash to pay for it or make up any reasonable difference this is a bad clause for your.  If it appraises low and your lender won't lend more than that and you don't have enough for the difference it becomes a very bad day for you.  I'd try to negotiate with speed to get that out of there.  Promise to get your appraisal ordered and done ASAP and remove that contingency immediately after.