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If the house doesn’t appraise for the sales price, are you stuck with buying the house?

May 11th, 2010 categories: Home Buyer Information | views

The short answer is NO.  Paragraph 4A(1) of the Texas residential real estate contract states: “If the property does not satisfy the lenders’ underwriting requirements for the loan(s),  this contract will terminate and the earnest money will be refunded to buyer.”

If you are purchasing a Spring Texas house on the resale market, paragraph 4A(1) protects you from having to buy a home that doesn’t appraise.  The same level of protection may or may not exist in the purchase of a new construction home. This is because new home builders use their own contracts as they are not required to use the Texas residential real estate contract. 

 Read also:

• The appraisal came back low. Now what?

Written by Jill Wente

This entry was posted on Tuesday, May 11th, 2010 at 5:56 am and is filed under Home Buyer Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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