Posted by dealmaker on November 03, 2005 at 15:36:34:
NO, they can’t change their mind! It’s generally pretty difficult to get a judge to enforce SPECIFIC PERFORMANCE, which is what it will take for you to acquire it. Is there an AGENT involved? If so best to get on them right now.
good luck
dealmaker
Seller changing mind - Posted by Dawn
Posted by Dawn on November 03, 2005 at 11:14:53:
I have a signed purchase agreement with escrow due to close 11/21/05. Seller notified escrow via fax that they no longer wish to sell. I have already paid appraisal, inspections, etc. all due diligence on my part is complete. Can they legally get out of selling me the property? This is in CA
Re: Seller changing mind - Posted by Natalie-VA
Posted by Natalie-VA on November 06, 2005 at 10:09:27:
Dawn,
I filed a specific performance lawsuit once (along with a lis pendins) and ended up getting the property. It never made it to court.
My attorney told me that these suits don’t usually end up in front of a judge. The parties usually settle.
In my case, the seller saw that I meant business and he decided to sign the deed after all. I cost me less than $1000 to make it happen. I made well over 50k on that deal.
–Natalie
Re: Seller changing mind - Posted by michaela-ATL
Posted by michaela-ATL on November 04, 2005 at 10:36:08:
Dawn,
as the others have said ’ no, the seller can not just change his mind. With that being said, unfortunately,it does happen frequently. A lot of investors just let thigns goa nd move on to something else. Personally, I’ve twice filed suit, the first with an attorney, the 2nd one myself. Ended up getting both properties.
I think, if you let the title company be the ‘bad one’ and informing the seller, that you’re considering legal action, the seller might come around again.
Michaela
Re: Seller changing mind - Posted by Brian (UT)
Posted by Brian (UT) on November 03, 2005 at 22:44:20:
Dawn
I never seen a specific performance suit lost by a buyer so I don’t know what Dealmaker is talking about.
It is very difficult for a seller to win though from what I’ve seen. You file the suit and a Lis Pendens is filed and if the seller found a buyer willing to pay more then tough, the buyer will have to buy subject to the suit and lenders will not fund while it is in place.
I don’t know how you feel about this house, etc but I would file suit, you can always settle for damages after the suit is filed if you don’t really want the house and would rather have cash.
Do not fall for any stalling technigues, be prepared to act quickly. Your attorney will review the contract to be sure the sellers don’t have a legal out.
Brian