Second appraisal puts deposit at risk

Q: I entered into a contract recently, but the deal went bad because the house did not appraise for the negotiated price.

We made an offer that the seller accepted contingent on the house appraising for the negotiated price. The sellers are real estate agents in the city.

I used to be a Realtor and questioned the appraisal because the comparables were taken from sales that occurred nine months ago and the cost per square foot was very high on the house we were going to purchase compared to the comparables.

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