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11-03-2013, 11:26 AM
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216 posts, read 713,080 times
Reputation: 88
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Buyer can back out due to high Radon level or other defects found during inspection. How about seller after the contract is signed? What if seller change her mind and want to void the contract?
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11-03-2013, 11:41 AM
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Location: Riverside Ca
22,148 posts, read 30,344,188 times
Reputation: 35379
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If you mean I simply changed my mind no you can't just do that. You leave yourself open to a lawsuit for non performance/breach of contract etc.
What you can do to cancel is simply not agree to any repairs or any of the contingencies the buyer has. If the buyer has no contingencies then you have to sell
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11-03-2013, 12:28 PM
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3,512 posts, read 7,203,399 times
Reputation: 8822
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If you are the seller- see a lawyer to find out what your options are, and what it will cost.
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11-03-2013, 02:19 PM
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Location: Raleigh, NC
12,475 posts, read 31,023,618 times
Reputation: 9440
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In my area, our contract states that if seller breaches contract, he is open to be sued to continue AND pay the buyer's fees, including inspections, appraisal, etc.
The reality is that what usually happens is seller pays all of buyers fees like inspections, appraisals, etc. and no one goes to court.
Too time consuming for a buyer that wants to buy a home and needs to move in a timely fashion.
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11-03-2013, 03:33 PM
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5,048 posts, read 8,972,552 times
Reputation: 4177
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The contract is already signed in several states at least...including the contingencies. In at least some the buyer can say, for example, he is not happy with the home inspection and doesn't have to say why. Doesn't even have to show it. And the deal is off. However, the home inspection is done after signing so not much time is lost.
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11-03-2013, 04:06 PM
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Location: Raleigh, NC
12,475 posts, read 31,023,618 times
Reputation: 9440
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Quote:
Originally Posted by cully
The contract is already signed in several states at least...including the contingencies. In at least some the buyer can say, for example, he is not happy with the home inspection and doesn't have to say why. Doesn't even have to show it. And the deal is off. However, the home inspection is done after signing so not much time is lost.
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I was understanding the OP to ask about a SELLER cancelling the contract, not the buyer. |
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11-03-2013, 06:17 PM
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Location: southwest TN
8,569 posts, read 17,307,986 times
Reputation: 16680
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Seller changing mind after the contract has been signed has little option to cancel. However, if there are adjustments the buyer wants after inspection, the seller only has to decline and sometimes the buyer will walk. However, if the buyer really wants the property and the seller has changed its mind for sure, a buyout will sometimes work - seller offers buyer $$ to void the contract. If Buyer will not agree, buyer can go to court to either force the sale or for damages and expenses.
In either of the last 2 scenarios, the seller will have to pay significant sums or can be forced to sell by court order.
In any case, hiring a lawyer is the best option the seller has.
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11-03-2013, 06:35 PM
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5,048 posts, read 8,972,552 times
Reputation: 4177
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Quote:
Originally Posted by VickiR
I was understanding the OP to ask about a SELLER cancelling the contract, not the buyer.
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Oh, yeah. Specific performance on the part of the buyer. Commission for bringing a buyer ready, willing and able on the part of the realtors. At least in areas I'm familiar with. |
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11-03-2013, 07:16 PM
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Location: NJ
17,578 posts, read 44,546,596 times
Reputation: 16249
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There either is or isn't something in the contract that lets the seller cancel. And since no one knows what is in this particular contract then no one can answer.
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11-04-2013, 01:40 AM
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28,005 posts, read 60,754,126 times
Reputation: 22924
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I had a seller back out of a sale and after I spent about $1,000 on legal fees I decided to drop it.
After accepting my offer his wife left him with two toddlers... just took off and she was the one that wanted to sell.
22 years later... he is still living in the house and the place looks so unkempt so as to be abandoned...
My option was to sue for specific performance... after careful consideration, I found a better deal that I did buy.
A friend also had a seller back out and she sold her place at the peak of the market... she did file a suit in small claims for moving and storage expenses and the realtor and seller settled... actually, it was the sellers father who was also on title... sad thing is they lost the place in foreclosure about 16 months later where they could have walked away before with 80k cash...
Sometimes things do work out for the best...
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