I would strongly think again in toying with the notion of cancelling on a buyer after excepting an offer. You will be opening your self up to a law suit if you have to absolutely cancel please contact your agent and an attorney asap, try to reach out to the buyer and plead out your case perhaps offer something small in return to help smooth over their loses. I would expect you to atleast pay my inspections, etc back in full for wasting my time and energy.
Keller Williams Realty
Real Estate Consultant/3xUS Army Vet
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Nathan Beckey, Realtor
(m) 817.691.3602 (e) firstname.lastname@example.org
More Options. More Results.
Why must you cancel?
If the buyer agrees, then there is no reason to contact an attorney. You should ask your Realtor to assist you in this termination process. A Realtor would find the process especially simple during the option period, even though the option is designed for the buyer (not for you). However, the option period is for the buyer to decide whether they will proceed with the purchase.
So, you should ask your Realtor how to take advantage of this situation.
If you have no professional help with your side of the transaction, then it's time to consult an attorney.
You should discuss with your agent and see what you can do for your game plan.
Remember you may owe your selling agent a commission at this point.
If the buyer has done an inspection I'd probably suggest you pay them for that inspection.
If they are asking for repairs, that may be your out. Maybe refuse to do any and hope they go away.
If they still want the house, you have signed a contract to sell it to them.
You might can pay them to go away. Depending on the price of the house, maybe give then $1000 plus their option and inspection money to terminate. Maybe more.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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My advice to you is:
>1) Call a Real Estate Board Certified Attorney.
>2) Call a Real Estate Board Certified Attorney.
>3) ...I think you know what I am going to say here...
Once you sign a contract and agree to sell the house that you had advertised, you have made a commitment to sell it. There are no "outs" for a seller. That's why it's called "an agreement".
Since it has been less than 10 days since you agreed to sell your house, one has to wonder why in the world you would want to buy it back! (It would have helped us answer this question if you had supplied us with a reason.) You should obviously consult with your Real Estate Agent/Broker. (If you don't have one, "FSBO", then you have gotten yourself into a real mess, and definitely deserve to pay an attorney his fee.) Your Agent may be able to work something out with the buyer's Agent, and it might cost you less to settle with the buyer than it would to hire an attorney.
...But there is no "free out" once you have signed a contract. That's why we always ask if you have any questions before you sign the agreement.
I can't imagine why you'd want to keep the house now that you've found a buyer, but it must be a desperate situation for you. I am sorry. Try to have an open discussion with the buyer and the two Agents, and I'm sure you'll be able to work something out to everyone's satisfaction. (Don't forget: You've agreed to pay the agents' commissions, in addition to compensating the buyer for his time and troubles.)
ULTRA Real Estate Services
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