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Seller would only accept our offer if we agreed to pay $10k extra if the appraisal came in high.

After looking for months for a home we found the perfect house for us. The seller accepted our offer but with the contingency that if appraisal comes in high, whatever it is, we pay 10k more. I know usually high appraisal is your lucky day but in our case it's not. Has anyone ever heard of this before?

I'm also upset now because I'm reading that you don't even legally need to tell the seller what appraisal came back at, but now we've fucked ourselves over if we signed a contract basically saying we need to tell them because we'll owe them 10k.

As for low appraisal, the contingency is that if it comes in low, we'll pay 10k. That's it. So even if it comes in really low, we only pay 10k and they adjust their selling price. So in our case low appraisal might be our lucky day.

Very odd situation.

submitted by /u/Heyhihello04
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source https://www.reddit.com/r/RealEstate/comments/waefk3/seller_would_only_accept_our_offer_if_we_agreed/
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