When you have your house appraised and the appraisal comes in higher than the asking price, can you cancel the offer? Remember first that regardless of how your appraisal comes in, you have a contract with a buyer. If the appraised amount comes in low, the buyer has the right to terminate the contract and recover their earnest money. If the appraisal comes in high, this contract is still enforceable unless someone has written in an exception to the standard contract. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that if you cancel the contract, the buyer has the right to sue you for performance. But, also, if you have a real estate agent involved, the real estate agent has the right to sue for commission based on the contract. If you even consider terminating this contract, you should consult an attorney. Check out below to see the active listings in Tuscany Reserve in January 2016:
49062 Veneto, Novi: 4 bedrooms, 3.2 bathrooms, 5,280 sq. feet, 4 car garage, Listed Price: $1,549,000
Tuscany Reserve Active Listing
January 2016
However, if the appraisal comes in higher than what you are asking, you may not cancel and the buyer is not obligated to pay for the higher appraisal. For more information on Tuscany Reserve, or similar Northville or Novi neighborhoods such as Maybury Park Estates, Turnberry Estates and Woods of Edenderry, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.