Sounds like you need an attorney if you are going to push this. You signed a binding contract I assume. Did you put a clause that you could just back out at anytime? The buyer can sue you and enforce specific performance. You do need to speak to an attorney. As realtors we cannot and aren't in a position to give any type of legal advice.
Have you tried working this out with the buyers offering them monetary compensation and reimbursement for their expenses?
Since no local answers yet--contact a few local different realty companies and ask for comps--recently sold similar properties in the immediate area--review the data and then make your determination--if you are leaning towards selling interview the agents as well and choose the one you like best--choose your agent with care.... more
The Seller's Disclosure form as required by Texas law must show whether you have a report on the condition of the property. Regardless, if you are aware of conditions of the property, whether there is a written report or not, you are required to disclose them to a buyer.
If you know of something wrong in the property and hide it from a buyer, the Texas Deceptive Trade Practices Act provides that you can be liable for up to 3 times the amount of the damages. Occasionally, sellers try to skirt the law. In one case a seller knew of foundation problems and had a quote from a repair company, but failed to disclose it to the buyer. The buyer discovered the problems after purchase, asked for a quote to repair it and the company happened to be the same one. The buyer recovered treble the cost of the foundation repair.
Your agent must treat you as a client. A client dictates what his agent will do. If you had specifically ordered your agent not to accept the report beforehand, there might be some cause of action, but the court would take a dim view of assessing liability to the agent for the client's attempt to hide the truth from a buyer. There are limits to client demands too, such as whether an order violates law (like killing someone), is not within the scope of duties (like providing meals), or whether the agent is capable of performing (holding an open house for 24 hours).
As to responsibility, your responsibility is only to disclose to the buyer. Whether the buyer asks you to fix any of the problems is negotiable between you and the buyer. Your explanation that the structure is 80 years old is a reasonable counter to a buyer who asks for repairs. However, if something is unsafe, you should consider fixing it for your own safety as well as your family's, not just for a buyer.
If you discovered defects in a house that were not disclosed, you would feel cheated. And the law says you could get back a lot more than you were cheated out of. Disclose, and when in doubt, disclose. An educated buyer cannot sue you.... more
Yes, assuming that you mean bank, FHA and VA. Tax sales (foreclosures) are conducted by the county sheriff at the court house.
For your best interests, get your financing in order, and make a buyer representation agreement with a good REALTOR. Some of these deals can be a bit tricky, and someone who is experienced in foreclosed properties will be a valuable asset for you.... more