Home Selling in 76182>Question Details

khiquita, Home Seller in North Richland Hills,...

I am the seller and must cancel the contract with the buyer. It is still within the inspection period. Any help???

Asked by khiquita, North Richland Hills, TX Fri May 18, 2012

We have a signed contract and I the seller needs out of it. It is within the 10 day inspection period.

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Joseph Fernandez’s answer
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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
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Joseph Fernandez
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0 votes Thank Flag Link Tue Aug 14, 2012
With an executed contract they could technically sue you for their losses. I would play the sympathy card and be straight forward and honest about your situation. Anyone with a heart or conscious would understand your situation. Going the legal route is way overkill. Start simple at first and be SUPER NICE.

Sincerely,

Nathan Beckey, Realtor
(m) 817.691.3602 (e) nathan@exclusivepropertiestexas.com
More Options. More Results.
http://www.exclusivepropertiestexas.com
0 votes Thank Flag Link Tue Aug 7, 2012
You need an attorney and you need to give him all the documentation you have signed. You probably have signed agreements for agents commissions in addition to agreeing to sell your home. An agent trying to answer your questions cannot give you legal advice and since you signed legally binding agreements an attorney is your only option.
0 votes Thank Flag Link Mon Jun 25, 2012
You should contact an attorney right away. Breach of contract puts you in a serious legal position.
0 votes Thank Flag Link Wed May 23, 2012
Most of what has been said here is true, but the first question is why?
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.
0 votes Thank Flag Link Sun May 20, 2012
The ten day option period, unfortunately for you, is for the buyer to opt out of the contract, not for the seller to cancel. As with all contract issues, please consult your real estate attorney for specific legal advice. Depending on why you need to cancel (health, job change, family isues) the buyer might be considerate and let you out of the contract. If you just changed you mind, or if you think you have another buyer who might pay more, the contracts are intended to be binding on both parties, seller and buyer. Good Luck!
0 votes Thank Flag Link Sat May 19, 2012
As a seller you don't really have outs....
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.
0 votes Thank Flag Link Sat May 19, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Everything is based on the executed sales contract between you and the buyer. No Realtor can provide an expert opinion UNLESS all documents are furnished.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com

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0 votes Thank Flag Link Sat May 19, 2012
I suggest you ask your agent. If you are selling as a FSBO, you should have used a realtor.
0 votes Thank Flag Link Sat May 19, 2012
Dear Seller,

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.)

Good luck!

Rick DeVoss

ULTRA Real Estate Services

817-300-6121

P.S. I can help you save some money on your electric bill if you will contact me for your current house, or when you move to the next one. We just lowered our rates last week! We can beat what you are paying to TXU, and most other companies. Call me!

rickdevoss@realtor.com

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0 votes Thank Flag Link Sat May 19, 2012
You should definitely consult with an attorney.
0 votes Thank Flag Link Sat May 19, 2012
If you have a good reason for canceling the contract, you should still discuss your options with your real estate broker. He'll know the intricacies of your situation and contract far better than any of us possibly can.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri May 18, 2012
If you don't mind me asking, what is the reason you feel you must cancel? That would be a great help to answering correctly!
0 votes Thank Flag Link Fri May 18, 2012
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