Terminating a sale contract on a house (Austin, West: real estate market, new house)

[JT-3]

Let us know what happens, you have been provided solid advice thus far.

[TexEx2]

Thanks to all and particularly Falconhead West. I can't answer your last DM, it says I have to wait till tomorrow (??). Sounds very reasonable to me. I'll speak to our agent on Monday. By the way, we haven't picked an agent to sell our current home and if the agent we have used for the purchase can't pull this off, he obviously isn't going to become our listing agent and I will certainly keep you in mind!

[riaelise]

Similar situation only we already closed on the house. Found out I have arthritis in the knees, one knee pretty bad. Thankfully I can limit my trips upstairs.

[TexEx2]

I hope the seller will see reason (as opposed to a lucrative lawsuit??). The house is absolutely gorgeous. The most elaborate chef's kitchen in Austin. Big yard with some mature trees. We loved it so much we were ignoring the fact that all the bedrooms and the study were upstairs. No full bathroom downstairs. He must be able to sell it easily - nice neighborhood, close to shopping, especially if he lowered the price a bit.

I'll keep y'all posted. Unless we have some answer from them on Monday, we'll have to go to a lawyer.

[austin-steve]

Originally Posted by TexEx2

Thanks. I feel so stupid! We loved the house but thinking I can live there when I can't manage the stairs...

Does it help to make a monetary offer to the seller beyond the earnest money? The house isn't cheap either. It's $700K. So that's quite a lot of money. Otherwise, we'll wind up buying a house we have to sell immediately. Can't imagine how much money we'll lose on the transaction.

Your mobility concern can be solved for a few thousand dollars by installing a stair lift if/when it's ever needed. Especially if the Master Bedroom is downstairs and the upstairs is only auxiliary/guest room space, and you thus mainly live down. On a $700K home, this is a small, insignificant incremental cost to make the home accommodating to any future mobility problem.

But yes, stairs are why increasing numbers of age 50+ buyers want 1-story, or as I described with just "extra" space up for grandkids and guests.

But your main question is "does a contractual unilateral right to terminate and receive back earnest money exist in my purchase agreement?". The answer is "yes". There is probably at least 2 or 3. Next question, "Has the triggering event happened or has the time period for those termination rights elapsed?"

None of us knows. Read your contract/agreement and ALL of its addenda and amendments. And seek council if needed.

Steve

[Ariel_Austin]

Rather than address your particular situation, let me say that, in general, there are many, many ways for a buyer to successfully terminate a contract. A few of them include:

1. Buyer walks away and seller keeps earnest money (usually what happens). There is a mutual release of all claims on the termination document. Seller keeps money, gives up all rights to other remedies, and puts the home back on the market.

2. Buyer takes out additional credit that makes debt-to-income ration too high. Buyer no longer qualifies for the home (only works when the buyer is under a third party finance addendum). Not an advisable route as it would likely jeopardize a future transaction.

4. Home does not meet lender's underwriting requirements (when using third party finance addendum). Think repairs, insurability, appraisal,

5. Buyer did not receive various disclosures required at contract time. Upon receipt of certain disclosures a clock kicks in that permits buyer to terminate the contract (with the right to get back his or her earnest money).

6. Buyer objects to title conditions.

7. Buyer objects to survey.

There are many, many others as well.

When a buyer client no loner wishes to complete a deal, the agent should go through the contract to determine the course of action that the client(s) approves. Agents should be providing solutions to meet the goals of their clients whenever possible.

[Don in Austin]

Originally Posted by TexEx2

We recently had an offer accepted for a house we wanted to buy. We're beyond the option period now. Problem is, it's a 2 story house and since we signed, I've had a mobility issue that has become serious and I'm thinking it's crazy to buy a 2 story house which would oblige me to go up and down stairs all day. We tried cancelling the contract, surrendering the earnest money. They don't seem interested.

Is there anything we can do?

This: Stairlifts in the USA | Acorn Stairlifts USA (just the first one I found, but there are lots of these devices on the market) might cost less than what you would lose buying the house and then reselling it.

Good luck!

Don in Austin

[Joejoeskitten]

Well I'll branch from the sympathy route. I'd sue you also. You can be liable. You likely will be liable. You need a lawyer, not CD at this point.

[10scoachrick]

Originally Posted by riaelise

Similar situation only we already closed on the house. Found out I have arthritis in the knees, one knee pretty bad. Thankfully I can limit my trips upstairs.

Might as well go way off topic here...Hmmm....touch of polio, two foot surgeries, three screws holding one foot together, 30 years on the tennis court, ortho-doc wants to replace both knees....What's a guy to do?

Hyaluronic Acid supplements and making sure my uric acid levels are in check...I'm 62 years old, now 98% pain free and my knees don't complain one bit after a 25-mile bike ride. If you haven't tried HA, drop your Glucosamine, MSM, Condroitin and shark goo and get some!!! I usually get the supplements with Krill and HA combined...retail stuff...I'm sure I could find a more pure form; but I'm as happy as can be with the results! I even look like a normal person walking up/down the stairs of our townhouse!(OK...about once a month, I take the stairs one at a time; but most days I have zero trouble!)

[riaelise]

Originally Posted by 10scoachrick

Might as well go way off topic here...Hmmm....touch of polio, two foot surgeries, three screws holding one foot together, 30 years on the tennis court, ortho-doc wants to replace both knees....What's a guy to do?

Hyaluronic Acid supplements and making sure my uric acid levels are in check...I'm 62 years old, now 98% pain free and my knees don't complain one bit after a 25-mile bike ride. If you haven't tried HA, drop your Glucosamine, MSM, Condroitin and shark goo and get some!!! I usually get the supplements with Krill and HA combined...retail stuff...I'm sure I could find a more pure form; but I'm as happy as can be with the results! I even look like a normal person walking up/down the stairs of our townhouse!(OK...about once a month, I take the stairs one at a time; but most days I have zero trouble!)

I'm definitely open to all options 😊