The good news is that there is no death penalty involved. I doubt that any criminal violation will exist.
Contracts are "made to be broken." Breaking them exposes you to legal action of at least two kinds, first suit for damages and two, suit for specific performance. (This last means that the buyer may want your house more than the cash that they may be able to get from you and may be able to get the courts to force you to yield up the property to them.)
This is all vague talk. You really need a competent attorney to counsel you and the charm and luck that would make an Indian cobra charmer green with envy.
Take a deep breath, be sure you know what you want and what you can afford to pay to get it and then get legal counsel.
Sorry you ended up in such an awkward position.
Speak to your attorney!! If I did not make myself clear, SPEAK TO YOUR ATTORNEY!! No real estate professional can give you legal advise, only your attorney is capable of that!
One other thing, CALL YOUR ATTORNEY, It is his/her job to protect and advise you.
Yes, you'll owe the agents their commission...after all, they did their jobs.
Did you hire an attorney for the transaction? Realtors are excellent resources but we cannot give legal advice. What I can tell you is that the attorney I work with puts a clause in all our contracts stating that the seller may back out of the sale under certain circumstances such as a job that falls through, a home sale that falls through, etc.
It doesn't sound like either of these is your scenario, in which case I would say the following:
*It is good that you acknowledge that you owe your agent her commission. Be aware that depending on your state laws (I'm in NJ) you may also owe the BUYER'S agent his or her commission as well. They brought you an offer and you accepted it; their job as the transaction broker has been completed, and they deserve to be paid.
*I don't know the value of the home, but I have had some pretty persistent buyers who would not be willing to accept "a couple of thousand dollars" to walk away from their dream home
Bottom line, though: take several deep breaths, remember why you wanted to sell in the first place, and if all else fails, work in tandem with your lawyer to minimize your exposure.
Hope this helps, and best of luck!
Joseph A Del Forno, Inc.
I don't know exactly what the rules and regulations are like in Connecticut...but you should contact your lawyer and possibly not your Realtor. Realtors are not lawyers and as such are not allowed to give
legal advise to their clients...We can guide you to the right sources who probably have hundreds of ways that you can delay, if not stop the closing. Call your attorney immediately........now.
All my best,
Liberty Realty, LLC - Corporate offices/Hoboken
I agree with William. Contracts are made to be broken.
My opinion is ... what are they gonna do? The house is in your name, it is your house and you decided to stay. Tough. Don't offer them anything. Let your attorney handle it. You may be liable for actual damages, maybe the moving company or rent.. I am not an attorney, but I can not see you being taken from your home by the house police because you decided not to sell your home.
Your Realtor may be able to sue.. as they did bring a qualified buyer. But, there are so many different scenarios that can happen.. you really need to contact your attorney
Joan Prout, MBA
RE/MAX Villa REALTORS
306 Grove Street
Jersey City, NJ 07302
800-671-0596 x1 (direct)