Buyer emails stating they are pulling out of deal 5 days before closing... We retuned a termination agreement keeping $1000 out of 5000 earnest money

Asked by mfinstad, Hood River, OR Sun Aug 25, 2013

Now buyer is saying they want the property. Can we legally pull out of deal?

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5
Pacita Dimac…, Agent, Oakland, CA
Sat Sep 7, 2013
Was the cancellation completed --- i.e., both parties signed? You said you are "keeping $1000 out of the $5000 earnest money." Did you already receive that? So technically, the contract was cancelled, right?

If so, and if they still want the property, may I suggest that they write a new offer since this is a separate and new transaction from the one that was just cancelled.

Perhaps this time around, you can specify certain conditions so that you won't have to go through the hassle of dealing with a wishy-washy buyer.

Also...if someone else is interested in the offer you may want to leverage that interest to get a better deal this time around.

Good luck.
0 votes
JR Thrasher, Agent, San Diego, CA
Mon Aug 26, 2013
Why would you want to? If your goal is to sell the home then move forward with the deal.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes
Jonathan Ric…, Agent, San Francisco, CA
Mon Aug 26, 2013
Both these answers are correct, but I'd like to highlight a portion of Paul's reply: an agreement requires both party's signatures.

Without actually examining the documents, it's difficult to say if your termination agreement is valid. If you have doubts, I advise you contact a lawyer and provide them with all the documentation.
0 votes
Paul Neal, , San Francisco, CA
Mon Aug 26, 2013
If you both have signed a termination agreement mutually canceling your contract, then you already have legally pulled out of the deal.
0 votes
Alan Kurpiew…, , California
Sun Aug 25, 2013
Honestly, without seeing the termination agreement, and what it said or didn't say, it will be difficult to say exactly what should or shouldn't happen, and what your next "best" steps would be. Plus, any time you are dealing with a disagreement between two parties in a transaction like this, including terminating an agreement, it would be wise to consult with an experienced real estate attorney. Your local bar association can provide one who can consult, if this is the route you want to take.

Side note: ultimately you are trying to sell your property - why would you not just sell it to them anyways, just 5 days away from closing, and make your money, instead of starting the process over from the beginning and waiting another 30 days or so before the new deal closes? Just something to consider...

Best of luck,
Alan Kurpiewski, REALTOR
CA BRE Lic. 01912043
(619) 35-HOUSE
(619) 354-6873
http://www.homes4schools.com
homes4schools@gmail.com
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