i have sold my house accepted an offer . closes in a month and a half is there anything i can do to get out of the deal?

Asked by Morin36, Hopkinton, MA Mon Apr 30, 2012

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Don Tepper, Agent, Burke, VA
Mon Apr 30, 2012
Maybe. But . . .

First, I'm not a lawyer, so this isn't legal advice. For that, you need a lawyer. You also need to consult with your Realtor.

If the buyer doesn't perform according to the contract, then likely yes. The buyer, for instance, probably is required to apply for a mortgage and for insurance coverage within x days of contract ratification. If that doesn't occur on time, then there could be grounds. In other words, there may be provisions in the contract that give you a clear "out."

Otherwise, it gets messy. As a practical matter, if you simply change your mind and decide you don't want to sell, it's very difficult to force you to do so. The buyers could sue for "specific performance" but that isn't a sure thing, and would take a while (and some up-front money). Your agent might also seek compensation from you--the amount of commission he/she would have received had you not backed out. Read your listing agreement for details.

Why do you want to get out of the deal? Are there adjustments that could be made to the contract to make it acceptable to you? Or what other issues are you confronting? There may be a solution short of "getting out of the deal" that would work for you and your buyers. Again, consult with your Realtor.

Hope that helps.
2 votes
Territory.c…, Agent, MA,
Mon Apr 30, 2012
Call your real estate attorney immediately and see if there is a way to unwind the deal.
Web Reference:  http://territory.com/
0 votes
Fort Lauderd…, , Fort Lauderdale, FL
Mon Apr 30, 2012
You really are best served to contact a real estate attorney in this matter. Best of luck.
0 votes
Joe Arnao, Agent, Sanwich, MA
Mon Apr 30, 2012
This is absolutely a legal matter. You need to consult an attorney. An accepted offer is a contract with penalties for not performing for both parties. Good luck.
0 votes
Wen Farina, Agent, Reading, MA
Mon Apr 30, 2012
You need to read and understand the kind of agreement that you signed. You can also ask your Realtor. However, for legal advice you will need to speak to a real estate attorney as Realtors can not provide you with legal advice
Web Reference:  http://www.wenrealty.com
0 votes
Laura O'Brien, , Massachusetts
Mon Apr 30, 2012
Please contact a good Real Estate Lawyer right away. You could be causing yourself a lot of problem.
0 votes
Judi Monday,…, Agent, Green Valley, AZ
Mon Apr 30, 2012
Contact a good real estate attorney before you do anything.
0 votes
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