Home Selling in Easton>Question Details

Joetmo2, Home Seller in Easton, PA

As a seller can I renig on a contract to sell due to change of mind and financhale reasons? Cannot do work the FHA requires

Asked by Joetmo2, Easton, PA Sun May 9, 2010

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6
Joe Kaminski’s answer
Normally, if the Seller is not willing/able to make repairs that are requested/required by the buyer or the buyer's mortgage company, the Buyer has the ability to walk away from the contract after sending written notice to the Seller.

If the Buyer does not provide the Seller with written notice, the PA contract will normally state that the Buyer accepts the property.

Hope that helps. Joe K.
1 vote Thank Flag Link Sun May 9, 2010
You have some pretty good advise on the previous emails especially Joe's answer. When someone in "under contract", you have to stick to the terms of the contract. A party cannot change their mind unless the reason is permitted by the terms of the contract.

I hope things work out for you, These are tough times and require tough decisions. I sincerely wish you well.
Lina
Web Reference: http://www.linabriffa.com
0 votes Thank Flag Link Mon May 10, 2010
As mentioned by Joe, you cannot back out for your own financial reasons, but you should have the opportunity to walk away if you are unwilling to make the repairs required by FHA. This is pretty common on any contract, not just FHA.
0 votes Thank Flag Link Mon May 10, 2010
Hey Joe K.,

Welcome to Trulia. Good answer. Beats mine all to heck.
0 votes Thank Flag Link Sun May 9, 2010
Hello Joe,
The prudent response is to advise you to contact a lawyer who can give you about 10 minutes of their time.

Your deal may not meet FHA requirements but that may not be sufficient reason for the contract to fall out . My question is has the buyer sought a conventional loan?

Changing your mind? Reneging? I have too many questions to be able to respond in any meaningful way. You don't need an answer from a blog, you need a conversation. You should contact a lawyer.

SuZ
0 votes Thank Flag Link Sun May 9, 2010
You're not reneging if you can't meet the terms. If you can't you can't. At least that's the way I see it.
0 votes Thank Flag Link Sun May 9, 2010
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