I had my home for sale and a buyer was found and the house was set to close. Circumstances have changed and I no longer want to move, is there anyway I can legally back out?
2007-03-12 15:40:42 · 5 answers · asked by Jody 2 in Business & Finance ➔ Renting & Real Estate
Reverse the situation.
The bottom line is no one can make you sell your home and no one can make the buyer continue with the transaction.
This happens all the time. Let your real estate agent know what's going through your mind. If you decide to discontinue be prepared to reimburse the buyer any expense he/she incurred during this transaction as it relates to the purchase of your home. Examples of reimbursable expenses are appraisals, home inspections, pest inspections, and title fees. While reimbursing the buyer make sure you make that the final piece of the transaction.
If you attempted to facilitate the transaction without an agent contact the buyer's agent and if that fails contact the buyer. It may not be as bad as you think. If you don't get anywhere with them pull out the yellow pages.
Again you can't be forced to do anything you don't want to do. Read that contract carefully, there's always an out.
2007-03-12 15:59:11 · answer #1 · answered by manny d 3 · 0⤊ 3⤋
It would depend on your purchase contract. Generally, a seller cannot cancel unless the buyer is not performing or if a contingency is specifically put into the contract. If your buyer wanted, they could take you to court and seek specific performance of the contract (i.e. the court orders you to sell the house and move).
However, there's nothing to prevent the contract from being cancelled by both parties--get in touch with the buyer (NOT through your agent) and try to work something out. If they paid for appraisal & inspection offer to reimburse them. Maybe offer them some other financial "incentive" for letting you out.
Then that brings us to the subject of your real estate agent. Technically, they've done their job and produced a buyer who was willing to buy your property at a price acceptable to you. According to their listing agreement, their commission could be due whether or not the sale actually closes. Once you've cleared the hurdle of the buyer, start to work the situation with your agent. You'll probably have to pay them something, since they did their end of the deal, but maybe you can negotiate something less than full payment (I mean, down the road you'll still have the house to sell, and you'd use them again if they're not jerks handling this situation, right? :)
2007-03-13 00:27:59 · answer #2 · answered by SndChaser 5 · 0⤊ 0⤋
You can try and work a deal with the buyer. You should also consider that the agents involved did all they were supposed to and are expecting their commission, so even if you can buy out the buyer, you will probably also still be looking at paying a good faith commission to the agents (the 5-6% you probably agreed to when you had an agent list your house). The buyer doesn't have to say yes to you, by the way, but depending on how close you are to the actual closing, they might agree to find something else.
2007-03-13 00:01:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
This depends a great deal on the real estate laws in your state, but in general probably not. If you've signed a purchase and sale agreement, the buyer would have the right to sue you for specific performance (i.e. sue to force you to sell them your home) if you tried to back out. Sorry but it sounds like you're stuck with the sale.
2007-03-12 22:47:37 · answer #4 · answered by Hamlette 6 · 1⤊ 0⤋
no. a seller can't cancel a contract. even if you died, your estate is obligated to sell the house now that you signed the contract to sell.
if you try to walk, you may have a lawsuit for breach of contract on your hands. the buyer would sue you under his right to buy, per the terms of the contract, for "specific performance" on your part, to sell to him.
who wants a lawsuit?
2007-03-12 22:51:26 · answer #5 · answered by Louiegirl_Chicago 5 · 0⤊ 0⤋