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Old 05-26-2007, 05:22 PM
 
Location: West Springfield, Massachusetts
5 posts, read 43,113 times
Reputation: 13

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Here's a scenario I need some advice on:

Ms. Maura had her house on the market & recently received an offer, which she accepted. There was a contingency that the buyers had to obtain financing by a certain date, which has been done. They put down $14,000 on a $284,000 sale price. A home inspection has been completed with things found wrong, but the buyers don't care because they just want that house. Seller needs to replace the septic tank, it didn't pass inspection. In reality the seller doesn't have $2,500 to spare for a new tank, but her realtor pressures her into taking care of it.

After the offer was accepted and the purchase agreement initiated, Ms. Maura's daughter wants to buy the house & Ms. Maura would like to consider it, but her realtor says there is absolutely no way to back out of the agreement without being sued. Now Ms. Maura is spooked & is very hesitant on pursuing the matter any further with her daughter.

Is there anyway Ms. Maura could still work with her daughter without having to worry about the scrapped buyers? Doing some basic online research makes it appear to be nearly impossible in a circumstance like this, except if there is an "escape clause", which I am not familiar with in any regard.

Looking for some insight!
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Old 05-26-2007, 09:45 PM
 
Location: Just south of Denver since 1989
11,483 posts, read 31,064,599 times
Reputation: 8104
a contract to purchase is not iron clad. *But* unless the buyers default the seller may be sued per the contract for performance, or damages or both...best to see the contract through to its natural conclusion.

Ms. Maura's buyers have a reasonable expectation to buy this house, based on their efforts (inspection/loan approval) and are performing to the best of their ability to get the deal done.

Any contract breaking should begin with a conversation with a local real estate attorney, not an internet search!
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Old 05-26-2007, 10:15 PM
 
Location: SW Austin & Wimberley
6,212 posts, read 16,175,677 times
Reputation: 5294
Quote:
Is there anyway Ms. Maura could still work with her daughter without having to worry about the scrapped buyers?
Why would she want to do something that stupid? The daughter needs to butt out of her mother's business or she's probably going to get Mom sued. Listen to the agent.
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Old 05-26-2007, 11:19 PM
 
Location: West Springfield, Massachusetts
5 posts, read 43,113 times
Reputation: 13
2bindenver....I kinda figured the agreement isn't casted in concrete. How many times does someone expect to relocate due to employment and ends up not having to go? A true example of where a seller would want to back out.
Well, I imagine that if Ms. Maura knew in advance there was a chance the daughter would pursue the matter, maybe a contingency could have been worked into the sales agreement. Looks like the timing of the daughter's intentions is just poor. Technically, I'd think the mom would gross more money doing an internal sale versus using a realtor on commission. So it looks like the options are A) listen to the agent and tell the daughter to bug off, or B) see a real estate attorney. Realistically, do many people really go thru the time, money and aggravation to sue? If I were the buyer I'd be pissed and probably just request my deposit back, but that's me.
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Old 05-27-2007, 06:35 AM
 
Location: Washington
90 posts, read 363,515 times
Reputation: 103
Quote:
Originally Posted by 2bindenver View Post
a contract to purchase is not iron clad. *But* unless the buyers default the seller may be sued per the contract for performance, or damages or both...best to see the contract through to its natural conclusion.

Ms. Maura's buyers have a reasonable expectation to buy this house, based on their efforts (inspection/loan approval) and are performing to the best of their ability to get the deal done.

Any contract breaking should begin with a conversation with a local real estate attorney, not an internet search!
Out here in California you could bet your last dollar that would be a lawsuit and the buyer would win. The seller basically has no recourse to just back out of a signed deal. The buyer is the one holding ALL the cards. Definately talk to a realestate attorney before you do anything.
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Old 05-27-2007, 06:46 AM
 
Location: Palm Coast, Fl
2,249 posts, read 8,347,691 times
Reputation: 1006
The seller REALLY needs to speak with a real estate attorney. Her agent, nor any of us here practice law and all states have different ones. A real estate attorney can advise her and handle negotiations to get her out of the contract unscathed if it is possible. In addition to the money owing to the buyer, she is also liable for the commission to the realtor, even if the deal does not close...the realtor did her job, she brought a buyer, the contract was accepted. This person didn't lose a transfer, she just wants to sell to a relative or someone else. It's a nice gesture on her part for her daughter but not a legitimate hardship to back out of a contract.
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Old 05-27-2007, 02:54 PM
 
Location: West Springfield, Massachusetts
5 posts, read 43,113 times
Reputation: 13
Thanks for all the input everyone. The real estate attorney suggestion sounds to be the most logical route to take other than simply telling the daughter "NO". If anyone else has comment on my original post, feel free to reply.
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