aljr1457
03-25-2008, 06:08 AM
We entered a purchase agreement with the sellers. Our mortgage was denied based upon the appraisal. The sellers are currently not releasing the ernest money deposit (being held in escrow by our realtor). The clause in the p.a. states if you can not obtain a mortgage the emd returns to seller. They have prepaid legal that has sent a letter stating they are going to hold us to the contract including purchasing the house (which appraised for significantly less than agreed upon price) or retention of emd. Any suggestions????