My real estate agent has handled the sale of my house very badly from the beginning. Closing has been postponed several time by him already. The buyer was unable to get the finance needed once and there have been several other issues (just basically not being upfront and honest). I do not feel comfortable signing with this buyer or agent. What are the options I have? I do know that I do not have to sell my house if I don't want to. Appreciated much.
2007-06-23 06:31:57 · 8 answers · asked by whitejd43 2 in Business & Finance ➔ Renting & Real Estate
Go see a real estate attorney about what penalties there might be for you. It isn't a criminal matter but it can be expensive to get out of a contract.
It could be that the buyer delaying the closing has given you a way out.
If you don't consult an attorney before you back out it could end up costing you huge amounts of time and money and grief.
2007-06-23 06:40:46 · answer #1 · answered by glenn 7 · 3⤊ 0⤋
If you've gone to exchange of contracts (UK) or have executed a Purchase & Sale Agreement (US) you are now obligated to follow through with the sale as long as all contingencies have been met. Once you're committed, the buyer can sue for Specific Performanc and force you to complete the sale. While that process takes its time in the courts, you'll be blocked form selling to anyone else.
Don't shortcut the buyer because of the agent's shortcomings! The agent is "in the wings" on a sale and is not a material party to the actual sale of the property. They've performed a service that they'll be paid for, but the agreement is primarily between the buyer and the seller. And that said, I've never once bought or sold a home where there weren't some bumps along the road. Every deal had its unique impediments that were eventually overcome to everyone's satisfaction -- or at least to an even level of mutual dissatisfaction all around. Sometimes that's the best outcome that you can expect and at least it's a generally positive one.
The short and best answer is this: Ask your solicitor or attorney! Part of what you're paying him or her for is their advice based upon their knowledge of the law. Use them!
2007-06-23 06:39:46 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
If you have a written purchase agreement signed by the buyer & seller, than by law, you do have to sell this buyer your property. You are leaving yourself open to a "specific performance" lawsuit where the buyer can sue you to make you sell the house to him/her.
Be very careful. If you can't get the buyer's written permission to cancel the contract, you won't be able to easily walk away. There's usually a clause in a purchase agreement that states the offer is "subject to buyer qualifying" for financing to purchase the property. Get an addendum drawn (and signed by all) that puts a time limit on the financing approval, and if it lapses, try to cancel out. The buyer will likely be entitled to a refund of any earnest money since technically, he probably did not "default" on the agreement. I feel for your frustrating situation.
2007-06-23 06:42:09 · answer #3 · answered by R.E. Advice 3 · 1⤊ 0⤋
If you have a signed contract to sell the house to this person, they can sue you for breach of contract. The agent may also sue you for lost commission. The process of selling a house is a complicated one. There can be many stumbling blocks that do not necessarily mean that the buyer or agent are not being above board.
2007-06-23 06:37:46 · answer #4 · answered by Angie 6 · 1⤊ 0⤋
Go over the contract and see if it has the "time is of the essence" clause. Meaning if the buyers didn't have their financing in place in the specified time then THEY breached the contract and YOU get to keep the earnest money.
If YOU breach the contract they could sue for specific performance. Its hard to say without knowing more details.
Have your agents broker or your lawyer go over the contract with a fine tooth comb if you want out. It sounds to me that someone breached somewhere.
2007-06-23 07:13:51 · answer #5 · answered by Anonymous · 1⤊ 0⤋
OUCH! You signed a binding contract to sell your place, you could complete the sale or possibility the criminal effects of a means lawsuit. confident, you could lose plenty greater effective than the risk-free practices deposit, and what precisely it relatively is will count on the courtroom determination. you could confer with a real belongings criminal expert on your area and notice what has befell to others that have been sued on your state under comparable situations. many situations although, the shopper won't flow with the aid of with a lawsuit, yet ought to. additionally, the Realtor has a means healthful against you, if one grow to be in touch. it ought to come right down to how plenty do you rather need to maintain your place? Is it properly worth a means criminal wrangling and a few means important expenses? If a Realtor listed, they are due their commissions - they did their pastime. the shopper gets his earnest a refund plus greater. He in all possibility has incurred some further expenses, or lost different opportunities on replace residences, etc.. on an analogous time as contracting in earnest on your place. The earnest funds isn't meant as entire reimbursement in case somebody breaks the contract, except your contract expressly states it as such.
2016-10-03 00:32:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you are still under valid contract to sell, your agent is not relevant in the situation. Your contract is with the buyer, who can sue you for failure to perform and breach of contract. I suspect that, if you fail to honor your contract, you will be far more uncomfortable than you currently are.
2007-06-23 06:42:56 · answer #7 · answered by acermill 7 · 0⤊ 0⤋
This is going to be unconventional advice; don't sell your house if you don't want to. The reasons you cite are standard breach of contract.
If you didn't agree to the contract extensions, cancel it today. Cancel your listing with the real estate agent and call his broker and tell him why.
2007-06-23 07:09:36 · answer #8 · answered by mortgage_loan_officer 1 · 0⤊ 1⤋