From: dim@soda.csua.berkeley.edu (D. Gerasimatos)
Newsgroups: misc.consumers.house
Subject: Re: Appraised value less than agreed upon price..Need some advice please
Date: Tue, 17 Feb 2004 21:39:31 +0000 (UTC)
Originator: dim@soda.csua.berkeley.edu (D. Gerasimatos)

In article <5dabc56.0402171332.31b281f0@posting.google.com>,
Simak  wrote:
>
[snip!]
>
>We do have a mortgage contigency clause but not an appraisal clause.
>
>The mortgage contigency clause states that: 
>In order to help finance the acquistion of said premises, the BUYER
>shall apply for a convential bank or other institutional mortgage loan
>of X amount a prevailing rates, terms and conditions.  If despite the
>BUYERS diligent efforts a commitment for such loan cannot be obtained
>on or before the said date, the BUYER may terminate this agreement by
>written notice to the SELLER and/or the brokers as agents for the
>SELLER prior to the expiration of such time, whereupon any payments
>made under this agreement shall be forwith be refunded and all other
>obligations of the parties hereto shall cease and this agreement shall
>be void without recourse to the parties hereto.


This says that you are out of the deal (with all money refunded) if you
cannot obtain financing at X amount. Since you cannot obtain financing of X 
amount, the seller has no leg to stand on. You should and will receive
all of your money back.


Dimitri