I'm negotiating with seller whose price is too high, which he seems to recognize. He seems amenable to using an appraisal to determine a fair price. I'm willing to pay for three different appraisals and take the average, which we agree would give an accurate sense of its current value. My concern is that he could just walk away from the average of the three different appraisals if they weren't high enough. Has anyone ever seen a contract where the sales price was determined by the appraisals? Would a contract like that hold up in court and require specific performance? Obviously, appraisals are a common contingency, but here I'm looking at it playing a different role.
Edit: To add that I'm in DC.
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