Getting out of a real estate contract - Posted by Susan

import · July 17, 2003, 1:19pm

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import · July 17, 2003, 1:19pm

Posted by Susan on July 17, 2003 at 13:19:24:

We have sold our home, and are due to close in 2 weeks.

We would like to get out of the sale. We had the home on the market, but our bank forced us to sell at $50,000 under our asking price because we were behind on the payments (they didn’t start foreclosure, but there were threatening us with it).

We have found someone who is willing to give us a second mortgage, so that we can stay in the house.

Our intention is to sell the house, but if we can get caught up with payments to our bank, we can afford to stay in the house, and be able to sell it for much more than we have contracted to sell it for.

I think the bank acted illegally by going to the realtor and accepting the buyer’s offer. We also think that there is a conflict of interest on behalf of the realtor, because our realtor also represents the buyer.

What are the ramifications with not going through with the contract?

Is it too late to get out of it?

import · July 17, 2003, 3:16pm

Re: Getting out of a real estate contract - Posted by John Merchant

Posted by John Merchant on July 17, 2003 at 15:16:57:

If you, the deed holder, signed the agreement, you’re legally bound and could be sued for your failure/refusal to perform and deliver the deed.

import · July 19, 2003, 9:14pm

Re: Getting out of a real estate contract - Posted by Tom

Posted by Tom on July 19, 2003 at 21:14:51:

I think that’s what she’s saying, that she never accepted the offer, and the bank intervened and accepted on her behalf without her permission.

import · November 15, 2004, 4:41pm

Re: Getting out of a real estate contract - Posted by Ellen Gerald

Posted by Ellen Gerald on November 15, 2004 at 17:41:10:

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