Am I obligated to renegotiate a contract to purchase a home if it does not appraise & the seller offers to lower the price? Posted on June 23, 2011

I have a lease purchase and the sales price agreed upon is nowhere near the current appraised value. The contract has a contingency clause for financing. I want to exit the contract and get my escrow money back. If the seller agrees to lower his purchase price to match the appraised value, am I under any obligation to proceed with the sale?

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