Throwindisc, Home Buyer in Round Rock, TX

What happens if I'm selling a vacant lot meaning no house or anything just trees. The is a contact on it but I want to back out.

Asked by Throwindisc, Round Rock, TX Mon Sep 16, 2013

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6
Mick Hooper, Agent, Jonestown, TX
Tue Sep 17, 2013
Unfortunately you can't just back out of a contract. Depending on where you are in the process, the buyer may be able to back out if you're still in the option period, but you are locked in the deal. There are consequences if you back out of the deal now and none of them are pretty for you. Talk with your agent first. if you don't have one, call one, or me, I'd be happy to see if there's anything you can do.
Mick
1 vote
Kawain Payne, Agent, Seal Beach, CA
Tue Sep 17, 2013
Please READ the terms and conditions of your contract!

"backing out", may not be as easy as you think.

Depending on the terms of the contract, and how far along you are in the process you may loose your deposit.


Best of luck to you!

Kawain Payne, Realtor
0 votes
Don Groff, Agent, Austin, TX
Tue Sep 17, 2013
While you do not know what will happen the buyer's can sue for specific performance as was stated. Will they do that? Who knows... but you did go into a contract and agreed to sell the lot to them so from a standpoint of keeping your word you should ask them if they will terminate the contract. It probably makes sense to offer them some sort of offering for the time they wasted because of your wanting to back out at this point. It may make it more likely for them not to persue other means to force you to sell the property to them.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference:  http://www.AustinListed.com
0 votes
Walter Rock, , Round Rock, TX
Tue Sep 17, 2013
It's much easier to back out as a buyer than a seller. Nobody can really force you to buy, but they can force you to sell. I AM NOT AN ATTORNEY, but I believe that if the seller pre-emptively breaches the contract. and the Buyer still intends to close and demonstrates this intent by arriving for closing, then the buyer can sue for specific performance.

You might try negotiating with the buyer, but be prepared to pay.
0 votes
Jim Olive, Agent, Key West, FL
Tue Sep 17, 2013
Sorry Throwindisc, but this is one of my pet peeves. Too many people today have no conscience and no stomach for doing the "right thing". Legally (and I'm no attorney) you can likely "get away" with backing out of this contract. Why? Because it's just too hard and there's too little to gain for the buyer to force you to sell. Yes, they can force you to sell if you have a legal and binding contract. But to do that, they have to spend a lot of money and a lot of time to take you to court and get a judge to MAKE you sell them your property (or to "perform" as the binding contract requires you to). And, by the way, if they do that, the judge will likely award them their legal costs, which means you'll pay for them, so it gets even costlier to you.

But just because you can get away with it, doesn't make it right. Yes, things change, and sometimes, after we've committed to something we would like to alter our course, but there are ways to do that honorably. Maybe you could explain WHY you want to back out and, if it's a good reason, maybe the buyer will release you because they want to do the right thing. But if it's not a good reason, then you shouldn't be asking anyway. It may sound harsh, but the old expression comes back to me every time I see a situation like this..."You made your bed, now lie in it".

Ok, I'll get down off my soapbox now. Best of luck to you...
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Tue Sep 17, 2013
Yeah, contracts are serious business. People rely on them, and in most states can sue to force you to make good on your end of the bargain. Hopefully you have an agent who can tell you if you have any clear options. Alternatively, head to the nearest real estate attorney for a good answer. Unfortunately, without seeing the contract, no one here can even begin to hope to help find an answer for you.
0 votes
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