We are selling our home and the appraisal was just completed. I understand we (the sellers) are not entitled to a copy of the appraisal (since we never added that into the initial contract) but now our realtor just handed me an addendum with three items. 1 is a change of the closing date 2 specifically states "Seller to accept appraised value of home." and 3 states all other terms to remain the same.
My question is: Without knowing what the appraisal came in at and already having a price that was agreed upon why would I need to sign anything stating that I agree to accept the appraised value of the home?
A preemptive thank you for any help.
That's a new one, and you need to ask your realtor what the appraised value was. Don't THINK it's an issue, since they are NOT asking you to reduce the sales price, but in 13 years I have never heard of a seller being asked to accept the appraised value since it really is of no concern to the seller, UNLESS the sales price is being reduced due to appraised value. You could add "sales price to remain $xxxxx, regardless of appraised value" to the amendment, that would alleviate any concerns on appraised value impacting the sales price. Hope that helps. Ted
Yes, this may be a sneaky ploy to lower the value of the purchase agreement. If you have an agreed price of $250,000 but then there is an addendum dated some days later stating that you will accept the value of the appraisal, it may indicate that you are willing to accept the appraised value as the purchase price. (I am not sure if the language would hold up in court.)
If the appraisal comes in substantially less, lets say $225,000, and you sign the addendum, you may be locking the appraised value in as the purchase price.
If you want to sign the addendum, I would counter by saying that "Seller accepts appraised value and buyer is required to personally increase their down payment to cover any price differences between the appraised value and the purchase price."