can a contract to buy a house be undo if somebody else offers more money for the property?

Question

i live in texas, the house where i live is for sale, recently i got preapproved (financially) after my neighbor signed a contract to buy it, if i offer more money for the house can the contract be broken and the house sold to me?

Answer 1

Depends upon what's in the contract, but in general, no.

A contract to purchase real estate is a legal and binding contract, and enforceable in court. If either party backs out without a reason specified in the contract or in law as a valid justification for doing so, then the other party can sue for specific performance (in other words, "Sell me the house," or "buy my house" per the contract).

Talk to an attorney in your area about your contract. A good agent knows how to build escape clauses into the contract, or prevent the other side from doing so, but there's only so far you can go before you're practicing law without a license.

Answer 2

sure, the neighbor may object and may sue and may win but it does not affect you. he must collect damages from the seller.
there are probably a hundred ways to legally break the contract. ask the owner to go with you to an attorney and let him show you how to do it. most contracts like this have many loopholes and conditions blah blah that are easy to use to defeat the contract.

as an occupant, you may have some rights that are superior to the neighbor, if perhaps you can show that you paid rent thinking you could buy etc. Or you did some fixing up, thinking you could buy. etc. possession is 9/10s of the law
in any event you can stay and force an eviction if they sell it out from under and fight the eviction until they settle and let you buy. get tuff In that case do not bring the owner to the attorney. go alone. maybe go alone no matter what just to be safe.

maybe you can file a suit and a lis pendens during the interim to block the sale while you get your rights straightened out and negotiate. once the sale is complete to the neighbor you have less footing. be sure to tell the neighbor you are buying the home and have a right to buy it so he cannot claim later he " knew nothing about your claim" ( innocent purchaser)

Answer 3

No, it's under contract. The person purchasing the property can get try to get out of the contract. You might want to ask them if their really that interested in buying it. But what I would do as a realtor, contact the real estate company that listed the property or For Sale By Owner and let them know that you interested in the property, that you have already been prequalified, and that if the property is back on the market or if the buyer's finances do not work out you would like to put an offer on the property. If you need information about the property shoot me an e-mail at [e-mail] or if need help.

Answer 4

The Texas Real Estate Contract is one of the best, if not the best real estate contract in the country. It pretty much has all the bases covered. So if it was filled out by a competent Realtor, there is no out for the seller.

The seller does not have the option to break his contract and sell to a higher bidder, but you should put in a back-up contract (with the proper addendum) so that the seller knows that you're serious, and so he has an incentive to not give in on any more requests the buyer may have.

If you're anywhere near San Antonio, give me a call and I'll help you.

Answer 5

not if they got a writen contract and paid money down. if the contract is broken the person with the contract first can sue everyone involved and colect money.

Answer 6

Nope, as long as everything is in writing....a "billion people" can offer less or more" it soon is equal to only what you and the acceptor of the contract put into writing.

Answer 7

no if you already have a contract on it

Answer 8

No, sorry.