buyers put $2500 in hand money down in escrow to buy my home.i signed papers saying i will accept their offer.closing is to be dec.4. problem is i can't find a place to buy. can i leagally back out of the deal?
2006-10-21 05:38:37 · 6 answers · asked by D 2 in Business & Finance ➔ Renting & Real Estate
You can always back out of a deal. Will backing out have consequences depends on the wording of the contracts that you signed. Hopefully you or your agent mentioned somewhere that the sale of your home was contingent on you finding a suitable replacement; or other wording to that effect.
If not, and if all the other contingencies are met, the buyer could sue you for specific performance (basically, force you to sell the home).
Are you wanting to back out of selling, or are you just needing more time to find a replacement home? Have you talked to the buyers about extending your possession after closing? Have you thought about renting until you find something?
In short, unless the buyer still has contigencies that are not met, and are not being met, you are pretty much committed to the sale.
Your best bet if you really want out of the sale is contact a local real estate attorney and explore whatever options you may have.
2006-10-21 06:28:10 · answer #1 · answered by CMR2006 3 · 0⤊ 0⤋
You can if you put into the contract "based on the contigency that I am able to buy another residence". Otherwise as the seller you would be liable to give back the down money plus interest due to the buyers. Since closing is still almost a month away there is plenty of time to find a home. You might even consider renting an apartment for a short term basis until you find a home you want to live in.
2006-10-21 12:42:39 · answer #2 · answered by steve s 3 · 1⤊ 0⤋
Chances are, you had reasons for wanting to sell this property. You lucky dog - you have buyer right now. And you signed your name giving your word. So why not get an apartment temporarily??? When you do find the right place, you are already unattached and can move right in.
2006-10-21 12:47:53 · answer #3 · answered by snvffy 7 · 0⤊ 0⤋
Don't be an ******. The buyer is acting in good faith, you are not. Be glad you don't have two mortgages because you found a place and can't get rid of the old place.
2006-10-21 13:19:45 · answer #4 · answered by porkchop 5 · 0⤊ 0⤋
Not unless the buyer agrees. Be prepared to pay him any cost he may have incurred (bank, appraisal, attorney, etc.), and you will also have to pay your realtor, since he did his job. Good luck.
2006-10-21 12:42:43 · answer #5 · answered by littleblondemohawk 6 · 0⤊ 0⤋
yes I think you can back out of the deal.You will have to give them the hand money back and you will also have to pay the real estate people if you have one,if you are selling it by yourself you can just return their money and be done......
2006-10-21 14:53:03 · answer #6 · answered by slickcut 5 · 0⤊ 0⤋