Home Selling in Oklahoma>Question Details

Michelle You…, Real Estate Pro in Broken Arrow, OK

How can you get out of a contract for purchase of a home as the seller?

Asked by Michelle Young, Broken Arrow, OK Fri Apr 22, 2011

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It all depends upon how the contract is written. I can say though, that in almost 10 years of selling real estate, I've never had someone forced to sell when they didn't to. Consult your broker and your attorney.
0 votes Thank Flag Link Mon Apr 25, 2011
Speak with your managing broker(s). They are there to help you.
0 votes Thank Flag Link Fri Apr 22, 2011
If you are an agent you should know this , recommend for you to confer with your broker who can train you in this particular area of real estate transaction

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Fri Apr 22, 2011
if you are still in the attorney review period you are fine, simply cancel the contract. Otherwise you are potentially treading on dangerous ground. Depending on how far into the process the transaction has gone, the buyers may have expended considerable time and money including home inspection costs, appraisal costs, surveyor fees, mortgage application fees, etc. And both realtors have more than likely put a great deal of time into the negotiations and management of the deal. Cancelling the contract is very tricky and potentially expensive to do. by all means read the contract carefully, including any addendums and look for an out, but proceed with great caution.

I had this happen to me just this week. The negotiations had been going so well and then, for reasons unknown, the sellers became completely obstructive and uncooperative. I represent the buyer and was not at all happy to see a deal fall apart at the last moment. Over the course of the week all the home inspection issues were dealt with in spite of the seller's attitude and in the end they were threatened with litigation to recover the commission as well as consequential damages to the buyer (they gave notice to their landlord and will have no where to go if the deal does not close) if they were to kill the deal so late in the transaction. I am happy to report they are moving forward with the sale.

I have no idea why your sellers changed their minds but if they are out of the attorney review period I would caution them about the potential ramifications of changing their minds at the final hour. It could prove to be quite expensive and time consuming in the long run. It is not something I would ever recommend except under the most extreme of circumstances.
0 votes Thank Flag Link Fri Apr 22, 2011
Start by reading your contract. If you have "outs" they will be stated there. You can also just ask to get out or not agree to cooperate with the buyers in terms of repairs or other issues. It really depends on your contract, where you are in the process and the buyer’s willingness to let you out.
If you can't find a clear escape on your own, ask your agent to review the contract or an attorney if you feel your agent may not be the most helpful.
0 votes Thank Flag Link Fri Apr 22, 2011
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