I live in Maryland and my husband and I purchased a piece of land for X dollars last May. When we had the land apprasied and it apprasied for $180,000 more than the selling price, which surprised us as well as the original owners. In order to purchase the land the owners asked us to sign an agreement that if we sold the land within 6 years of the purchase we would pay then the $180,000 difference from purchase price and the appraisal. Like fools we signed it because we had every intention of building a home and moving there. Now with the real estate market what it is we can not sell the home we currently own and need to sell it before we can build on the new property. We want to sell the property but it is not worth the original selling price plus 180,000 now that the market has dropped. Can the original owners hold us to this deal if we sell it? What if we just sold it for what we paid for it?
Thanks,
ShadyDeal
Thanks,
ShadyDeal
