Home Buying in 85017>Question Details

Shake, Home Seller in 62561

I ACCEPTED AN OFFER TO SELL INOW DO NOT WANT TO SELL . WHAT WILL HAPPEN WHEN i BACK OUT BEFORE CLOSE OF ESCROW IN 21 DAY?

Asked by Shake, 62561 Sat Aug 6, 2011

I CANNOT BE BE FORCED BUT WHAT MONEY WILL I HAVE TO PAY.

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Answers

16
Aside from the correct responses below, why this change of heart? Is this a personal decision or do you think there is a legal issue that mandates you breaking the contract? Because with 21 days left for your COE, the Buyer has possibly paid for an appraisal, a property inspection and other things we are not privy too. This may include paying for pest inspections and remediation. That may also include having a down payment on a moving company, breaking or letting a lease expire or even a job relocation based on this purchase. No matter what, you will need to seek the advice of an Attorney.
Think this through. I would want to be the Attorney for the Buyer and the Listing Agent!
1 vote Thank Flag Link Sat Aug 6, 2011
You really need to get some legal advise. It is my understanding if the buyer does not wish to cancel the contract they can make you sell. They can even sue you if that is what it takes.
0 votes Thank Flag Link Fri Aug 19, 2011
You are looking to breach your contract.

Before doing that, you really need to speak to a real estate attorney to make sure you are aware of the consequences of your actions..
0 votes Thank Flag Link Thu Aug 18, 2011
shake,
You can't be forced to sell but in AZ you may be sued for "specific performance" do to breach of contract. You need to seek legal advice from a real estate attorney.
Just wondering why did you sign a contract to purchase if you aren't interested in selling. You might have claim of duress.
.
0 votes Thank Flag Link Thu Aug 18, 2011
In many states the buyer can sue for "specific performance," which means they CAN force you to sell. Not sure why other agents say they can't....unless they know that your state doesn't allow it. Regardless, they can still sue you for anything...like breach of contract......this is America. And they can possibly file a lis pendens on your house so you can't sell to anybody else until your case with them is resolved. Let's just say things could get real sticky if the buyers want to make them that way.

That being said, what usually happens in this case is that the seller coughs up some money to make the buyers go away. It could be your earnest money, it could be more. You better hope you have understanding buyers. My guess is that, in the end, you'll lose your earnest money and pay commissions. Maybe it's not worth backing out?

FYI, I am NOT and attorney and this is NOT legal advice!
0 votes Thank Flag Link Tue Aug 9, 2011
Do you have an agent? Have you spoken to your agent?

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Mon Aug 8, 2011
The first thing you should do is read all the paperwork you signed. You may not have any legal option not to sell. After you have read all the paperwork, you should find a real estate attorney and take all your paperwork. Please do not use just any attorney, find a real estate attorney. A general practice attorney will advise you on contract law but the real estate attorney should be able to advise you on the contracts used in your state.

At minimum, if you have a listing agent, you will probably owe the commission, the buyer should be reimbursed for all their costs such as the appraisal and home inspection.

In my state, a buyer can sue for specific performance, which means that they can tie up a property for as long as it takes to get the suit litigated. Don't wait any longer, if you don't want to sell, you need to be talking to your agent and an attorney.
Web Reference: http://www.morechoices.com
0 votes Thank Flag Link Sun Aug 7, 2011
You really are asking a legal question and those are better suited to the man or woman with the JD thing after their name.

I did read a article about this very situation and an attorney responded saying a person could be responsible for real estate commissions to the buying and selling agents, reimbursement to the buyer for all out of pocket costs including appraisal, home inspection, lender fees, moving costs, temporary lodging fees. In addition the attorney suggested the buyer could be awarded damages due to a breach of contract.

Obviously, it is important you seek professional legal counsel verses listening to a us talk online.
Web Reference: http://Www.urbanteamaz.com
0 votes Thank Flag Link Sun Aug 7, 2011
Hi, I would read the language in you sale contract to see what your options are, otherwise contact an attorney.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Sun Aug 7, 2011
Hi there - you may be pursued to pay commission - your listing agent did her job in finding and negotiating a deal acceptable to you. If you have an attorney representing you, I'd start there and pronto.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun Aug 7, 2011
I doubt Specific Performance would be used. I don't think they can sue you to sell.
0 votes Thank Flag Link Sun Aug 7, 2011
Shake,

The contract you signed is a binding document between you and the buyer. It probably spells out what can happen if you back out of the deal. Basically no one can force you to sell if you don't want to. However the buyer may be able to sue you for breach of contract and he may be awarded compensation. I suggest you do the following:

1 - talk with your agent if you are represented. He will be able to advise you on what are your options.

2 - communicate with the buyer immediately. Do not wait until the last minute to let the buyer know you are backing out of the deal. If you explain your reasons you may find a flexible buyer that may let you cancel the deal. Who knows? The buyer may be having second thoughts also.

You may have to pay the real estate commission even if you decide to not sell the property. In Arizona the typical listing agreement signed with a real estate agent requires the agent to find a willing and able buyer. The commission is earned when the buyer is found. In your case it seems that the buyer was found and accepted when you signed the contract accepting his offer. I believe most states have similar clauses in their typical listing agreements.

I hope this helps. Good luck!

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
Realty One Scottsdale
0 votes Thank Flag Link Sat Aug 6, 2011
Is the listing agent your friend, or maybe a kind-hearted type? Let's hope since your listing contract may obligate you pay a commission upon you accepting an offer from a ready, willing, and able buyer. So if the buyer doesn't pursue you for specific performance, will the listing broker? That's potentially a big check to write, should it go down that road...
0 votes Thank Flag Link Sat Aug 6, 2011
Yours is a legal question, not a real estate question. Best advice: consult with an attorney.

You also want to discuss things with your Listing Agent.

And finally, there is a legal term in Arizona known as "specific performance," and it is legal remedy that can be pursued by a buyer. So again, consult with an attorney, and the sooner, the better.
0 votes Thank Flag Link Sat Aug 6, 2011
Dear Shake:

Without reading the purchase contract that you accepted, no one in this public forum will be able to answer your question. The contract may and probably does address this question. If you are using a Seller's Realtor ask them first. They are in the best position to know the contract and your personal situation.

If you are selling by owner you should review the contract you accepted with your attorney.

May I wish you the best.

Jeff Masich
HomeSmart Realty
Arizona Homes and Land
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Sat Aug 6, 2011
There are many variables to consider. First you may want to consult a real estate attorney about your situation. It may be best if you advise the buyer of your decision sooner than later. The more you wait to more harm you may cause the buyer. Good luck!
Web Reference: http://www.jameswehner.com
0 votes Thank Flag Link Sat Aug 6, 2011
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