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To the OP: I would back out, and if the seller tried to "intimidate" me, I would tell him where to stick it. No way I would buy a house like that. I'd take the risk of being sued rather than buying it.
To the OP: I would back out, and if the seller tried to "intimidate" me, I would tell him where to stick it. No way I would buy a house like that. I'd take the risk of being sued rather than buying it.
I sold my house, there was a contingency that the buyers sell and close their home by March 15,2111. I wanted to back out of selling my home and thought I could as they won't close on their home until March 21, 2111. Now their realtor said they pulled the contingency without my knowledge and I have to sell them my home. Can anyone help me here. Thanks
Talk to a lawyer. But, I would think most contracts would be written where the buyer either had to have their house sold OR remove the contingency by the date.
Talk to a lawyer. But, I would think most contracts would be written where the buyer either had to have their house sold OR remove the contingency by the date.
Right, normally the decision to remove the contingency does not require seller approval, and is usually to the seller's advantage (unless they want to cancel). But agree, talk to a lawyer and soon. It all depends on how the contingency was written and what it requires.
I sold my house, there was a contingency that the buyers sell and close their home by March 15,2111. I wanted to back out of selling my home and thought I could as they won't close on their home until March 21, 2111. Now their realtor said they pulled the contingency without my knowledge and I have to sell them my home. Can anyone help me here. Thanks
I think you have misused the contingency or have misunderstood what it was for. The purpose of that contingency was to protect the buyer in case they might be unable to sell their house and thus end up unable to come up with the funds to buy your house, or end up owning two houses at the same time (which would be a financial burden for most people).
Your only part in that contingency was to be assured that the buyer could come up with the funds. Go read your contract and you'll probably see that it says "buyer must remove contingency by such and so date." I don't see any reason why you (as seller) should expect any opportunity to approve or disapprove such removal.
If you wanted to back out then you should have never accepted the buyer's offer. If you don't want to sell your house then you should never have signed the listing contract with your agent. If you changed your mind about selling before you accepted the offer then you should have discussed that with your agent. In the current situation I fear that you may be responsible for at least payment of commissions to both your agent and the buyer's agent. Now your only option is to discuss it with a lawyer. It would be good to discuss the situation with your agent too. If you're lucky your agent and the buyer's agent might be willing to let you back out, and the buyer might let you back out if you pay all their costs to date (buyer's house inspection, etc.).
Entering into any contract is serious legal business and there are often repercussions when any party fails to meet their responsibilities according to what was stated in the contract.
It's pretty interesting in some states people actually go by the contract. In new jersey a signed contract isnt worth the paper it's printed on, both buyer and seller can walk away, noone looks at those contracts. It only becomes locked after completing attorney review.
It's pretty interesting in some states people actually go by the contract. In new jersey a signed contract isnt worth the paper it's printed on, both buyer and seller can walk away, noone looks at those contracts. It only becomes locked after completing attorney review.
What is really sad is that people actually NEED a sales contract to do business. It seems like everyone is out to screw people over.
I can't imagine someone not being able to walk away from a deal after an inspection like that. Are there truly states that don't allow the buyer to walk?
I know that this post was 3 years ago, but the answer is technically yes. In Idaho, what the contract says is that after an inspection, the buyer has x days to provide a list of items they want fixed. The seller has x days then to say yes or no to whether they will fix them. If they say yes, the buyer has no legal out. If they say no, the buyer can THEN walk.
However, in practice, if the buyer finds something really bad, that they wouldn't have made the offer in the first place had it been disclosed, they usually can get out of the contract, like sewage in the crawl, or mold, but it typically has to be bad stuff to do that.
Also in practice, if a buyer wants out due to the home inspection, they come back and ask for every tiny nit-picky thing. They send a 3 page list over, and the seller almost always says no to something, which gives the buyer their out.
So yes, there are states that do not allow a buyer to simply walk based on the home inspection, but a good agent can usually get you out of the deal anyway.
Just curious, I think it is almost for sure if you find out that a lot of work done by the buyer did not have permit. But how do you back out in this case? The inspector does not know if they had permit or not. Do you just require them to provide permits after the inspection, or does your inspector finds that out himself somehow?
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