Runamokdog
New Member
We placed a substantial ($10,000.00) down payment on a home we intended to buy a year ago. We needed the year to get our finances in order. The contract says that the 10,000.00 is to be applied to the down payment. However, last fall the seller had the house appraised (he was hoping to refinance) and learned that the house is now valued 15,000.00 less than the agreed upon selling price. We know that no lender will finance a house for more than its appraised value and the seller cannot afford to reduce his price (he now owns more on the house than it is worth). Do we have any option for getting our deposit back?