I will give you another example of a resale listing by TV that our friend made an offer on and had a signed contract. There was a concern if the house was priced too high and the buyer was going to use a bank other than Citizens. Again the RE agents...both buyer and sellers were from TV. Closing was to be in 4 weeks. ASking price was $210....contract price agreed to was $205. At 3 weeks 3 days all was done with inspections paperwork etc, EXCEPT the appriasal from the bank did not come in. Finally 2 days before closing the bank comes in at $200K and wants the buyer to come up with more money or the seller to lower the price.
Since this listing was through TV, I can almost guarantee you that the appraisl would have come in betwween $205-and 210K. My friend ended up walking BUT the story does not end there. The Seller RE agent tried to stop my freind from cancelling the contract stating the appraisal was not done by a "Sumter County Appraiser". Finally after going directly to the Sellers broker my friend got her money back and moved on......BUT this is an example of where suing Citizens may have been more expedious but certainly not in the best interest of the buyer. Now this house was modestly priced but what would have happened if you were in the $400-500 range!!
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