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I am in a lease to own home for 290,000, I think it is going to be appraised for a LOW AMOUNT. Am I bound to t

I am in a lease to own contract for my house. We thought we were getting a good deal a year ago until we realized the prices have dropped a whole lot. The asking price is 290,000. I think it is actually worth 260,000 or less. Can a realtor hold you to this price if it is not appraised for that much?

Public Comments

1. You would not be able to get a loan using a 290,000 value, if it were appraised for only 260,000. The lease to own probably has a contigent upon financing clause. If the home has dropped in value, the this would release you from the purchase option.
2. See an attorney.
3. They do not have to lower the price, but you can get out of the contract as you will not be able to get financing. You will loose any monies paid to date.
4. It depends on what your contract says. If you are committed to the contract price, it is highly unlikely that you can receive a loan for the amount you need if appraisals are down. It's not the Realtor that is going to hold you to the price, it is the contract you committed to.