re: House buying question - didn’t meet appraisal Update: pg 3

Is your contract to sell your current home contingent on the sell of the other home going through? You would have specific language in the purchase agreement around this.

Is your purchase of the new home contingent on it meeting appraisal or even your ability to finance the purchase? Both of those should give you an out without losing the in earnest money. The contract typically gives the owner the chance to lower the price or for you to walk away. That money is meant to ensure you are taking the steps to complete the clauses of the contract and reach a close. It also is meant to keep you from locking up multiple properties while you decide which you really want. If the clauses aren’t met you can walk away and keep your money.