The short answer is NO. Paragraph 4A(1) of the Texas residential real estate contract states: “If the property does not satisfy the lenders’ underwriting requirements for the loan(s), this contract will terminate and the earnest money will be refunded to buyer.”
If you are purchasing a Spring Texas house on the resale market, paragraph 4A(1) protects you from having to buy a home that doesn’t appraise. The same level of protection may or may not exist in the purchase of a new construction home. This is because new home builders use their own contracts as they are not required to use the Texas residential real estate contract.
Jill is an outstanding realtor! She helped me both sell a home and buy a home. She is thorough,... read moreJill is an outstanding realtor! She helped me both sell a home and buy a home. She is thorough, professional and easy to work with. She made the whole process smooth and easy to understand. I have moved several times and Jill is hands down the best realtor I have work with. read less