What happens if I break a contract with someone who has agreed to buy my house?

Answer 1

You can be sued for specific performance and/or damages. Do not take this lightly, in the event that the buyer has incurred charges for lease termination, moving company deposit, and so on. It could run into thousands, and absent a good reason for you to break this contract, the law will be on the buyer's side.

Answer 2

I am going to throw in my hand that you need to consult an attorney first. This coud be really bad for you and you could end up handing the house over to them because expense was so high. There aren't many legal ways for you to get out of the contract, so they are likely to win the suit and receive not only damages but you will pay their legal bill as well.

Answer 3

It depends upon your state. You may owe the amount of the good faith deposit, you may still be obligated to sell them the house. Since you are in escrow, the escrow has to be cancelled, in my state that would take the agreement of BOTH buyer and seller. He can refuse to sign that AND he can tie you up from selling it by filing a LIS PENDENS, which means you cannot close another escrow until that law suit is settled. You must be selling this home yourself, another good reason not to try this yourself, my GOD people, you all hire a beautician to cut your hair, how do you think you can sell a home yourself with so many laws, rules, regulations and sue happy people out there???

Answer 4

Depends on your contract. You may be liable for some costs incurred by him such as legal representation etc...

Talk to your real estate agent or a lawyer first.

Answer 5

Acermill ? is right, you can be sued for a number of things. What they sue you for is up to them. They may not sue you at all, their choice.

Answer 6

suck for them.