My appraisal contingency is going to expire in 3 days. The appraisal value is $15,000 lower than the contract price. My realtor contacted the seller’s agent via email to notify them the appraisal value and requested the seller to lower the price to the appraisal value without saying that we will back out if the seller does not agree. The seller says that they are finding backup offers that will not have appraisal contingency but didn’t clearly deny our request or propose any new price. (By the way, we have no intention to back out. We just want to lower the price.)
Based on the contract, if we don’t submit the appraisal contingency notice to the seller by the expiration date, the seller has the right to cancel the contract, but we have three days to respond to avoid the cancellation.
My questions are (1) Does my realtor’s email count as Appraisal Contingency Notice? (I ask this question because the contract says if the seller does not respond to our request, the contract will be void in 3 days. The seller is currently not responding to our further inquiry on this)
(2) What we should do next? Should we send an Appraisal Contingency Notice to remove the contingency now? Or should we just wait for the seller to give us notice to void contract if they find a backup offer?