Posted by John Merchantj on August 14, 2006 at 21:24:52:
As I said, a defaulting Buyer can normally walk without consequences, except he won’t get his earnest money deposit back.
Seller normally won’t sue a walking Buyer as it’d cost too much and it’s easier and cheaper to just find another B.
So I’d tell you to quit worrying about it and move on.
Backing out of a Sale - Posted by Dan
Posted by Dan on August 11, 2006 at 14:22:25:
I was in the process of selling a home in CA. I signed the counteroffer. It had been one day, and I decided I would like to back out of the sale. Can I legally do this. My agent say’s no, but I think she is more interested in her commission.
Thanks
Dan
Re: Backing out of a Sale - Posted by BTI
Posted by BTI on August 13, 2006 at 12:31:47:
Dan
Why? Are you just another flake, or do you really have a good reason? What did you have in mind when you listed the property?
BTI
No, IF there’s a valid contract - Posted by John Merchant
Posted by John Merchant on August 12, 2006 at 20:58:03:
If all the “i’s” were dotted, and the “t’s” crossed, and there really is a valid, complete contract (with offer, acceptance and consideration), then no you have no right to back out…and you might quickly find yourself sued for Specific Performance, to force you to proceed with the sale as you’ve agreed.
Whereas a defaulting Buyer might walk with impunity, a S cannot and is usually nailed for his obligation.
Re: Backing out of a Sale - Posted by Dan
Posted by Dan on August 13, 2006 at 12:41:16:
No, The house belongs in a trust. Last week however my sister had spinal surgery. It did not go well, and she now has a severe infection and will have a long recovery. Our plan was to have her stay in the house as she can not longer work. The mortage is next to nothing and her disability should be able to cover it.
I had no interest in giving a sob story. Just finding out my legal options. Before you generalize or call someone a flake, just answer the question. We made an offer to get out, we needed to find all our options.
Is It a Valid Contract? - Posted by Peter
Posted by Peter on August 17, 2006 at 23:04:13:
Is it a valid and complete contract if…the Installment Land Contract requires the Warranty Deed placed in escrow by Seller with title co. and Quit Claim Deed placed in escrow by buyer with title co., along with the agreed upon and signed Escrow Agreement by Seller and Buyer. The Buyer takes the original Deed and the docs are not placed in escrow with the title co. as required by the ILC and the Escrow Agreement.
Re: No, IF there’s a valid contract - Posted by S Wayne
Posted by S Wayne on August 14, 2006 at 20:08:16:
I guess I am a flake. We made accepted an offer on a house a week ago. It was accepted by the seller, now we want out. What can or could happen? We are in Maryland.
Re: No, IF there’s a valid contract - Posted by Dan
Posted by Dan on August 13, 2006 at 12:10:13:
I told the customer that I would abide by the original contract. The tried to add and adendum which I refused.
I also did make an offer to give compensation if we can back out. We will see what happens.
Re: Backing out of a Sale - Posted by BTI
Posted by BTI on August 15, 2006 at 24:36:04:
Dan
I did not call you a flake, I asked if you were one, big difference. I don’t know your mental abilities but I think very few of us out here are psychic.
You gave very little info other then you wanted to cancel the deal and the buyer was not going along with it and with greed being such a common reason for requesting such information the why question shouldn’t have beem a suprise, and you should have covered it in your post because details will get you better responses.
One last question, does your buyer know your not just making up a sob story, and you have proved to him/her it’s true, I’ve found most buyers are decent people if they know your not running a game on them.
BTI
Lawyers might differ - Posted by John Merchanth
Posted by John Merchanth on August 17, 2006 at 23:38:29:
Any 2 lawyers reading a P & S Agreement might argue its merits, whether it is or isn’t a complete contract…so there’s nobody on this site who’d be in any position to comment on it.
Seriously, if you’re facing a possible lawsuit, it’s high time you got this thing to your lawyer and stopped playing “stump the layman”
Re: No, IF there’s a valid contract - Posted by John Merchant
Posted by John Merchant on August 13, 2006 at 15:35:01:
So now it sounds as if there was NO mutual agreement, thus no contract ever reached.
Re: Backing out of a Sale - Posted by KRC
Posted by KRC on September 04, 2006 at 19:07:48:
But you definitely did send an “accusatory tone” across in your message. How about just being a slight bit more friendly?
Re: Backing out of a Sale - Posted by Dan
Posted by Dan on August 15, 2006 at 08:47:47:
Thank you, that was my misunderstanding. We did come to a mutual agreement and I was able to cancel the sale and take the home off the market.
Regards,