U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-06-2019, 04:13 AM
 
2,678 posts, read 5,454,943 times
Reputation: 5454

Advertisements

I can imagine a situation where the name change means that the entity buying now is less likely to obtain financing or cannot demonstrate the resources for a cash purchase. In that case- it seems to me the seller could decline to make changes to the contract.

However...as noted above...OP seems to have some ill-defined issues. And should probably talk to a lawyer before making any rash moves.

No matter what, the sheriff is unlikely to put him in the hoosegow.
Reply With Quote Quick reply to this message

 
Old 10-06-2019, 11:28 AM
 
42 posts, read 20,601 times
Reputation: 25
Quote:
Originally Posted by AZ8 View Post
Strange thread. I think OP is suffering from sellers remorse!
Everybody here is so kind.But of course business is business.
An honest person works so hard on his house and he should get rewarded.But instead he is going to lose 10s of thousands of money.Just by clicking on the internet.
They are pushing hard for settlement.
Why am I hurry up to lose money ?I have to take 3 plane rides to get to the place and I am on medication.
How much time I can put off for the settlement until they can sue me ?
Reply With Quote Quick reply to this message
 
Old 10-06-2019, 11:48 AM
 
6,921 posts, read 8,343,382 times
Reputation: 12091
Quote:
Originally Posted by warmsurfer View Post
Everybody here is so kind.But of course business is business.
An honest person works so hard on his house and he should get rewarded.But instead he is going to lose 10s of thousands of money.Just by clicking on the internet.
They are pushing hard for settlement.
Why am I hurry up to lose money ?I have to take 3 plane rides to get to the place and I am on medication.
How much time I can put off for the settlement until they can sue me ?
Yes, THEY can sue you--both the Seller for specific performance and your broker for the commission.

Please let us know how it turns out for you.


EDIT: How ironic! Your profile indicates that you're from Sellersville PA.
Reply With Quote Quick reply to this message
 
Old 10-06-2019, 11:55 AM
 
8,180 posts, read 10,031,338 times
Reputation: 14770
Quote:
Originally Posted by warmsurfer View Post
Everybody here is so kind.But of course business is business.
An honest person works so hard on his house and he should get rewarded.But instead he is going to lose 10s of thousands of money.Just by clicking on the internet.
They are pushing hard for settlement.
Why am I hurry up to lose money ?I have to take 3 plane rides to get to the place and I am on medication.
How much time I can put off for the settlement until they can sue me ?
Now you are playing the victim with excuses?? You agreed to this sale. If you want out, you need an attorney, and it will cost you money. But, you chose this.
Reply With Quote Quick reply to this message
 
Old 10-06-2019, 12:05 PM
 
Location: planet earth
5,490 posts, read 2,145,330 times
Reputation: 12230
Quote:
Originally Posted by warmsurfer View Post
Yes, I did.Contract says nothing about name change.
But the contract DOES spell out the circumstances under which it can be voided . . .

It would behoove you to read the entire contract. Everything you need to know is spelled out in the contract.

And your broker can help you interpret specific clauses, and if you still have questions, you can ask a real estate attorney for an opinion.
Reply With Quote Quick reply to this message
 
Old 10-06-2019, 12:17 PM
 
Location: southwest TN
8,258 posts, read 15,185,298 times
Reputation: 15137
Quote:
Originally Posted by warmsurfer View Post
Everybody here is so kind.But of course business is business.
An honest person works so hard on his house and he should get rewarded.But instead he is going to lose 10s of thousands of money.Just by clicking on the internet.
They are pushing hard for settlement.
Why am I hurry up to lose money ?I have to take 3 plane rides to get to the place and I am on medication.
How much time I can put off for the settlement until they can sue me ?

You agreed to sell. You do not have to BE AT the closing, you can sign and transmit the documents selling without taking 3 plane rides with or without your medication. Being on medication has no bearing on you having signed an agreement to sell.

If you refuse to sell, and if I were the buyer, I'd file suit for specific performance on the day closing was supposed to take place. Whatever your issues are now, they were issues when/before you signed a contract agreeing to sell.

However, if the buyer does not qualify/cannot close in his name and that is the reason for wanting to put it into his company's name, you might luck out and get your wish to not sell or to ask for compensation for said change of buyer (a name change is just that - a change in buyer).

Do keep in mind, we are not talking about changing the name from Alex Smith to A. Smith on the deed. The issue is about changing/substituting the BUYER! NOT a name change.
Reply With Quote Quick reply to this message
 
Old 10-06-2019, 02:05 PM
 
9,113 posts, read 8,361,647 times
Reputation: 19811
If it was a good sale contract, you have committed to sell to the buyer. Name on the deed does not change the contract.

If there is a good legal contract, if you do not close the buyer can go to court and you will be forced to close. Have seen this happen numerous time over many years in the business. Not my sales but, other Realtors I knew. In fact you may have to pay for his attorney and court costs, in addition to your own lawyer.

As a seller, never sign a sales contract if you are not willing to close on the sale.

And no, you are not due any additional money due to the name change on the deed. That is just something that the closing office will take care of. No extra effort for anyone.
Reply With Quote Quick reply to this message
 
Old 10-06-2019, 02:32 PM
 
Location: on the wind
8,045 posts, read 3,477,661 times
Reputation: 27469
Quote:
Originally Posted by warmsurfer View Post

An honest person works so hard on his house and he should get rewarded.But instead he is going to lose 10s of thousands of money.Just by clicking on the internet.
They are pushing hard for settlement.
Why am I hurry up to lose money ?I have to take 3 plane rides to get to the place and I am on medication.
How much time I can put off for the settlement until they can sue me ?
YOU agreed to the terms of sale! You would have known how many thousands of $ you would lose on the sale as soon as you agreed to the price. If you didn't want to sell the house at that price you shouldn't have agreed to it right at the start. The buyer's name didn't change the price. What you spent on this house doesn't matter. How far you have to travel doesn't matter. Being on medication doesn't matter. Your seller's agent can prepare and send the closing documents electronically and you can sign them that way as well.

If I was the buyer (regardless what my name was) I would be pretty upset about all this and demand compensation from you. This matters to them just as much as it matters to you.
Reply With Quote Quick reply to this message
 
Old 10-06-2019, 03:41 PM
 
Location: Salem, OR
14,170 posts, read 33,443,983 times
Reputation: 13226
Quote:
Originally Posted by warmsurfer View Post
Everybody here is so kind.But of course business is business.
An honest person works so hard on his house and he should get rewarded.But instead he is going to lose 10s of thousands of money.Just by clicking on the internet.
They are pushing hard for settlement.
Why am I hurry up to lose money ?I have to take 3 plane rides to get to the place and I am on medication.
How much time I can put off for the settlement until they can sue me ?
They have mobile notary services that cost about $150-$175. Why in the world would you take 3 plane rides when you can have a mobile notary come to you for that?

So what happened 80 days ago that you thought your home was worth what the buyer offered and now you think it has appreciated in price?
Reply With Quote Quick reply to this message
 
Old 10-06-2019, 05:22 PM
 
Location: Princeton, New Jersey
543 posts, read 898,446 times
Reputation: 914
Quote:
Originally Posted by warmsurfer View Post
Everybody here is so kind.But of course business is business.
An honest person works so hard on his house and he should get rewarded.But instead he is going to lose 10s of thousands of money.Just by clicking on the internet.
They are pushing hard for settlement.
Why am I hurry up to lose money ?I have to take 3 plane rides to get to the place and I am on medication.
How much time I can put off for the settlement until they can sue me ?
Why did you continue to improve a house while under contract to sell it? That makes no sense. Was it repair work required by the buyer before hed buy it?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 10:13 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top