If you signed a contract that was executed by both you and the buyer, your only chance to back out will be via any of the terms and conditions of that contract. I suggest you have an atty review the contract and give you specific advice as to that contract. Odds are you are tied to that contract and if you tried to back out of it you could be sued for specific performance...i.e. the courts could force you to sell the property if the buyer elected to pursue that route to the fullest. Your agent should have given you a list of several recent comparable sales in the area to give you an idea as to the true fair market value- otherwise your guess may be less than what the true value really is.
Best of luck. In the future, always make sure you understand the market conditions near your property and what the value of the property is before signing any purchase contract.
HEY MY HUSBAND ITS SAYING THAT SINCE THE PAPERS SAY WERE THE CLOSING SHOULD BE ON 9/24 WHICH IS A SATURDAY IF THEY DIDT CLOSE BY THEN COULD WE BACK OUT OF THE SALE THEN ?? THE FOLLO0WING BUSINESS DAY OR IT IS NOT POSSIBLE??
First,
stop using all caps in your posts. typing in all capital letters is viewed on the web as yelling and it is harder to read. Turn the caps lock off!
Second, i suggest again you contact a real estateattorney ASAP to review your contract. Ask them to advise you as to how you can cancel the contract. if there is a set closing date and the buyer does not close by that date, you MAY be able to void the agreement. Some contracts though state there is an automatic extension time up to a week or more....again, talk to an attorney immidiately to know what your remedy is. No one on the web can give you correct advice without having read the contract.
The biggest benefit to the lease purchase technique is that you have all the control and with minimal risk.
Can you explain more - - what are the basics for how it works? Do sellers normally agree with lease options?
If you signed a contract that was executed by both you and the buyer, your only chance to back out will be via any of the terms and conditions of that contract. I suggest you have an atty review the contract and give you specific advice as to that contract. Odds are you are tied to that contract and if you tried to back out of it you could be sued for specific performance...i.e. the courts could force you to sell the property if the buyer elected to pursue that route to the fullest. Your agent should have given you a list of several recent comparable sales in the area to give you an idea as to the true fair market value- otherwise your guess may be less than what the true value really is.
Best of luck. In the future, always make sure you understand the market conditions near your property and what the value of the property is before signing any purchase contract.
THANKS FOR THAKING THE TIME TO READ MY POST
HEY MY HUSBAND ITS SAYING THAT SINCE THE PAPERS SAY WERE THE CLOSING SHOULD BE ON 9/24 WHICH IS A SATURDAY IF THEY DIDT CLOSE BY THEN COULD WE BACK OUT OF THE SALE THEN ?? THE FOLLO0WING BUSINESS DAY OR IT IS NOT POSSIBLE??
First,
stop using all caps in your posts. typing in all capital letters is viewed on the web as yelling and it is harder to read. Turn the caps lock off!
Second, i suggest again you contact a real estate attorney ASAP to review your contract. Ask them to advise you as to how you can cancel the contract. if there is a set closing date and the buyer does not close by that date, you MAY be able to void the agreement. Some contracts though state there is an automatic extension time up to a week or more....again, talk to an attorney immidiately to know what your remedy is. No one on the web can give you correct advice without having read the contract.
Seems to me your Agent should be offering advice...
sorry for the capital letters that i didnt know
thanks for answering to my post