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I need advice with this situation. We were talking of selling our home in October so that we could build a new home to be closer to our soon-to-arrive grandchild. We approached a friend of our daughters that has a growing family but they were not interested. However, the stepmother-in-law of this couple got wind of it and wanted to come see it that night. She brought a contract that she had printed off the computer, made the offer (contingent on them selling their house), and we signed. It was a whirlwind and I was not comfortable with it when it happened. We (stupidly) did not put a time limit on the contract. Fast forward to today, another couple is interested in the house. I would rather have them living in the house that I designed and raised my daughters' in. I have told the first buyer that someone else was interested and that we were going to have to give them back their earnest money and go with this other couple. She has left me messages that this contract is legally binding and that they want to proceed with the sale. They have not sold their house yet. Can I get out of this contract? No attorneys have been involved yet. I just can't believe that if I don't want to sell my house that I have to. Someone that has knowledge about this please respond. Thank you so much for your time!
I don't know exactly what your contract says, but generally when there is a contingency clause there is also a clause that spells out that the buyers have the right of first refusal if someone else wants the house. There should be a paragraph that says that they can drop the contingency and go ahead and close on the house if they want, otherwise you are free to sell it to the other buyers. But, like I said, I don't know what YOUR contract says... just what MOST contracts say. Good luck.
Ouch! Sounds like a bad deal. But like NorthmeetsSouth stated, what are all the terms of your contract? You said she printed something off her computer. Did she draw up the contract herself?
I too experienced a buyer from H-E- doubletooth pick. When she got the truth and lending statement, she backed out. We got to keep her earnest money but could not hold her to the contract. Me thinks you can do the same. Send the earnest money back in a cashiers check by registered mail and go about your business. Above all, document, document, document all that has transpired either one on one or as written.
I second the getting a lawyer advice. It sounds like you yourself do not have a good handle on what your obligations are under the contract. A lawyer can help you understand your situation and hopefully help you resolve it in your favor. Good luck. It's a shame that your having this problem with a quasi family friend.
Does the contract have a contigency kick out clause? This is something that protects you as the seller. Basically it states, if you find another buyer, then the first buyer has a 24 hour period to make a decision and void all contigencies. If they make the decision and say they still want to go through with it. Then a new contract is written without contigencies and they buy your house. But you definetely need a better contract it sounds like, especially if there is no date given. Write a new one stating they have 48 hours to accept the new contract. If they don't then go with the second buyer...
A lawyer is the only one who can authoritatively answer your question. Some questions might be - did you sign under duress, is the format of the contract legal in the state, would it be cheaper to buy off the contract than fight it, etc..
There are very few situations where a whirlwind signing ends up being good. You have just pointed that out again for those who haven't yet learned the lesson. Guard your signature closer than you guard your money.
I need advice with this situation. We were talking of selling our home in October so that we could build a new home to be closer to our soon-to-arrive grandchild. We approached a friend of our daughters that has a growing family but they were not interested. However, the stepmother-in-law of this couple got wind of it and wanted to come see it that night. She brought a contract that she had printed off the computer, made the offer (contingent on them selling their house), and we signed. It was a whirlwind and I was not comfortable with it when it happened. We (stupidly) did not put a time limit on the contract. Fast forward to today, another couple is interested in the house. I would rather have them living in the house that I designed and raised my daughters' in. I have told the first buyer that someone else was interested and that we were going to have to give them back their earnest money and go with this other couple. She has left me messages that this contract is legally binding and that they want to proceed with the sale. They have not sold their house yet. Can I get out of this contract? No attorneys have been involved yet. I just can't believe that if I don't want to sell my house that I have to. Someone that has knowledge about this please respond. Thank you so much for your time!
Have you deposited their earnest money in your account??
If you have not then give them the check back and tell them the deal is off. A contract like this would give them the option of waiting for years to sell their house,,,all the while locking down a price to buy your house. Give them their money back and tell them the deal if off.,,,See what they do
Another "red flag" is when one individual presents another individual with a contract ( a contract they made up, not both of them made it up together)
That is when it must be scrutinized very carefully (preferably by your lawyer)
Remember, a person would not present you with a contract that did not favor them. It is up to you to read and determine whether this contract has your best intrests in mind.
Yes, signatures mean something and do stand up in court.
However, if you try to get out of your signing by stating you were "under durress"-----I would question your ethics more than the buyers.
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