because by forgetting the 2nd mortgage, he would be paying you cash instead. Makes no difference to you except that there would be no loan approval for the 2nd (which is a lot harder these days).
BUT if he is trying to cut the purchase price by 20%, then FIRST contact an attorney that specializes in either Real Estate or Contract Law and then inform him whatever your attorney advises. If it is a standard sales agreement generated by RE agents, then its most likely been court tested. If its your own agreement, then you will need legal advice as to enforceability and the way a judge is likely to rule in your jurisdiction based on how the affected clause is worded.
I would inform him that you will be taking the matter up with your attorney as to enforcement of the contract. Say nothing more until you have actually gotten advice from him/her.
I sold a home in August. The buyer signed an agreement contingent on the sale of his home.
He now wants to ignore part of the agreement. Is he bound to the agreement regardless of changes in market? edr57@sbcglobal.net
You can modify the agreement if both parties agree at any time. What part of the agreement does he want to ignore? If its the sale contingency, I’d jump on it. if its something else, well then it depends on what that something else is whether or not its a problem.
The agreement was he will buy my house for X $, when his house sells. He agreed to rent back until his sold. He has an agreement with a lender to lend him most on a 30 year note, and the ballance on a second.He sold his house and now wants to forget the part that was the second, almost 20%.Is the agreement binding.