CONTRACT CANCELLATION/TERMINATION

Asked by Arkla, Atlanta, GA Wed Apr 10, 2013

HOW CAN A SELLER GET OUT OF CONTRACT WITH BUYER. THE BUYER NEEDS MORE TIME, AND WANTS REPAIR $$$ FROM INSPECTION REPORT. THE HOME IS BEING SOLD AS IS CONDITION..SELLER IS NOT PAYING ANYTHING OR ADDITIONAL $$$. SELLER WANTS TO PUT HOME BACK ON MARKET FOR CASH,,,THE BUYER DOES NOT WANT TO TERMINATE, AND HAS FHA FINANCING.

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Solomon Gree…, Agent, Duluth, GA
Thu Apr 11, 2013
As others have advised, you should carefully review the terms of the agreement with your agent. If the seller is no longer interested in working with this buyer, the simple answer would seem to be no to any further requests from that buyer (no to any extension requests, no to money for repairs) and allow the contract to expire.

Please be mindful that most contracts established using GAR forms do provide the buyer with an option to extend the agreement for seven days unilaterally.

Good luck.

Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR®, CDPE
Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes
John Juarez, Agent, Fremont, CA
Wed Apr 10, 2013
The buyer NEEDS more time and WANTS $$$ from the seller.

If the seller does not agree to grant the seller’s needs and want – and the seller does not appear to be under any obligation to do so – the buyer needs to close the purchase as agreed in the original contract…or cancel. The buyer cannot change the terms of a contract just because they NEED or WANT to do so.

Are you telling us the whole story?
0 votes
Jeff Jackson, Agent, Atlanta, GA
Wed Apr 10, 2013
When a home is sold "as is", That is exactly what it means. The buyer is not owed any money for repairs. It sounds like that will be the point of contension for the deal.
0 votes
Betty D. Scy…, Agent, GA,
Wed Apr 10, 2013
If buyer knew it was "as is" he should have never agreed to buy if he wasn't prepared to do repairs. The best he can hope for is (1) the seller will extend. (2) buyer can get earnest money back and move on..chalk up to experience.. I guess the old saying here applies "we can't have our cake and eat it too" If they want the house more than they want to loose it.. work with the seller and get it closed. Houses are getting less plentiful..this may be the best they can do.
0 votes
Michael Hamm…, Agent, Suwanee, GA
Wed Apr 10, 2013
What does your Listing Agent/Broker say, Arkla? If you are doing a FSBO, what does your contract allow? Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com

http://www.SellsRealty.org

http://www.city-data.com/

http://www.greatschools.org/
0 votes
, ,
Wed Apr 10, 2013
That would be a question for your Buyer's Agent or your Listing Agent. Agents cannot advise anyone currently working with another agent.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Jen and Mark…, Agent, Holmes Beach, FL
Wed Apr 10, 2013
If the home is being sold as is, the seller doesn't need to contribute anything to repairs. The seller can terminate if the buyer doesn't close on time. It's really important to pay attention to deadlines and timeframes in a contract.

Best wishes.

Jen Bowman
Keller WIlliams Realty
licensed in GA and FL
404-456-5024
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more