Question Details

Jason, Home Seller in australia vic 3842

my partner and i have sold our house because we split up we are now back together and want to keep house

Asked by Jason, australia vic 3842 Sun Mar 23, 2008

cause we have 4 kids and need it how can we get out of the contract of sale? thought we could say heater has packed it in and hot water service died i dont no could that work?

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5
Honesty is always the best policy - ALWAYS. Somehow it will always bite you in the behind. Well, a reconiliation may call for a fresh start beginning with a different home. There is usually a reason for everything and this may be yours. You could really open a can of worms by trying to wiggle yourselves out of a binding purchase agreement without a truthful valid reason. You certainly don't want to be involved in a specific performance lawsuit or worse. Of course, I would suggest that you offer to pay for their out of pocket expenses incurred to date and plenty of apologies just in case they are kind, understanding buyers. Contractually, they have the right to complete the sale though. Good luck.
1 vote Thank Flag Link Tue Mar 25, 2008
Jason
Put yourself the buyer's shoes. What you want to have happen? Telling them that you and your partner have reconciled is a great reason not to sell. Hopefully the buyers can ask themselves, "How would we feel if we were selling because we broker up, then decided to get back together? "

Hopefully they will understand. It may take some compensation just to even things out.
Keith
1 vote Thank Flag Link Mon Mar 24, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Jason...

Always tell the truth. Offer to reimburse them for their out of pocket costs i.e. inspections, appraisal etc. Good luck.
1 vote Thank Flag Link Sun Mar 23, 2008
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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I certainly wouldn't make things up. Most real estate contracts include "specific performance" something usually considered inherent in a real estate contract due to its uniqueness. This means they can force the contract. I would agree that being honest and offering a reasonable amount of money to compensate the buyer for the opportunity cost of your change of heart. Good Luck,

Brendan Murphy
Broker, CRS, GRI, ePro
Raving Real Estate
Laramie, WY 82070
0 votes Thank Flag Link Sun Mar 23, 2008
It will probably cost you a few dollars, but the best approach is honesty. Tell the buyers that you no longer wish to sell. You need to ask the buyers to let you out of the contract, and that will probably require compensating the buyers for the inconvenience, time and expense of locating another home.
0 votes Thank Flag Link Sun Mar 23, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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