All the best.
Sadly, once you signed the acceptance with your now Ex.;
you cant back out. The issue comes up is that even if you dont want to
but your husband does want to, the point is mute. It will take a year or two to
settle the divorce. The best is to get a good attorney who can get you more
on the Proceeds. All else is a waste of time and paper, and money.
If your rental home is community property, you may want to sell it rather than living in it. Dividing money is easier than dividing a house.
If your rental property is your separate property there could be some pretty compelling reasons to keep it. You need to talk to your divorce attorney if one is involved.
The penalty for breach of contract is normally awarded because the buyer suffered losses due to you not fulfilling your obligations. Acting quickly may help minimize the costs. Talk to your agent and your agent's broker. Probably you will need to talk to an attorney specializing in local real estate also.
Many large respected real estate firms are reluctant to penalize their clients because they don't carry through. The buyers agent and broker may have less desire to co-operate. The buyers themselves may be even more difficult or they may not want to cause more problems and loss of their own time.
Remember, with real estate what is written is what is upheld. Verbal agreements have little value.
Campbell real estate statistics and information at http://julianalee.com/campbell/campbell-statistics.htm
Top 3 agent nationwide at Keller Williams Realty
Over 30 years experience
Over 1,000 home sales completed in Santa Clara and San Mateo Counties
You have a contractual obligation to the buyer and the agents involved in the transactions....thus, you would likely need releases from the agreement from the buyer, the listing agent and their broker, and the selling agent and their broker.
This is a most unfortunate turn of events. One can only hope that those involved will accept this for what it is and give you a break.
Because you are asking one could assume you've lost confidence in your agent. If that is the case the bigger issue is could you change agents at this point and how?
Call or email me if that is your situation.
Like Lance said, you may have to pay the buyers something. After all, they have probably paid money for and inspection and an appraisal already so I'd think they would at least want to be re-imbursed for that. Worst case they technically could take you to court , but I think most people are reasonable and would work with you to find a good compromise
But you never know until you ask so I would consult with your agent on this.
Best of luck to you,
I would talk with your agent, explain the situation, and see if the buyers have interest in going away. You might throw some cash at them to induce that.
The larger issue is if you will be able to keep it even if you want. I imagine your husband may feel differently about keeping the property. If you end up getting divorced a judge could order the property to be sold as part of the decree. If indeed you are going to split I think I would want to be done with the property so I could get on with my life.
Another way, through your agent, is for you to explain your circumstance for backing out of the deal. Hopefully the buyer will be sympathetic to your plight.
The third and costly alternative is to just back out. When you signed the CAR Contract did you initial the section for mediation / arbitration and liquidated damages? If you did, the most you will be penalized is 3% of the purchase price. Hopefully the arbiter or mediator you hire will be sympathetic to your circumstance and rule on no cost or a value less than 3%.
Try the first 2 alternatives. If you need to, go to the 3rd alternative to save the home. Decide whether the cost to back out will outweigh the value of saving the home.
Hope this helps.
May I suggest you seek a marriage and family therapist, priest, friend, or other counselor to try to save your marriage. If that works, your seller's remorse will evaporate. If you have children, even a temporarily unhappy home is better than separate parents from their point of view for their their well being. Having a neutral person who can translate each of your feelings to the other, bridging your communication difficulties can be a lifesaver not just of your marriage, but of your happiness.
Many people find marriage to be more difficult than expected because so few of us have the skills and temperament to really listen, understand our spouses, and ignore the down sides of their characters, habits, and generally not living up to expectations. Marriage is great training for raising teenagers!
Perhaps the real sign of your sellers remorse is a sign of your recognition that your future without your husband is so economically fragile without him that maybe you and he might want to re-negotiate and give each other some room within your marriage. He will face the same increase in economic fragility. When he sees it, he may want to try harder.
Most statements that hurt from one to the other are a sign of the inner pain or fragility of the one making the statement. When seen from that light, the one receiving the statement can look for the cure, and in finding it, strengthen the relationship. It never hurts when having made a statement to ask oneself if the statement, when looked at from other views, did it show respect for the listener? Most negative reactions are not from the substance of the statement but from whether the person who had to hear it felt respected or dissed.
Finally, I have learned that the need to be right can destroy the chance to be happy. It is amazing how many times my wife and I have noticed that accepting the wrong way the other had for the doing or solution turned out much better than expected. Mentioning that fact afterward to each other never hurts in smoothing ruffled emotional feathers.
Enough from me. I hope a few days time rejuvenates you and gives you and your husband courage to try again.
I am sorry you are going thru this rough period in your life. Yes pls do consult with your Realtor and their Broker-Manager. You can also contact a RE Attorney i have worked with in the past if you so wish for advise, pls do let him know I referred you to him, his office is downtown SJ.:
Hodge Fenton Jones & Appel Inc.
Attorneys at Law
Ph: 408-287-9501 â€“ main no.
Be well and safe, be strong, this too shall pass. Take care,
Century 21 M & M Associates
No one can force you to sell your home. There may be penalties associated with your decision.
I'm sorry you are going through this. If you don't get the answer you are comfortable with from your listing Broker, contact your attorney.