Seller Trying To Back Out Of Contract? What Can I Do
I have a property under contract and all of a sudden the seller is saying they dont want to sell. I used a standard form realtor contract with no contingencies b/c it was to be an as is deal. What can I do? I know he is responsible for reimbursiung us our costs but thats not good enough. I want this property. is it likely we can force him to honor this contract and sell us the property. how expensive will it be to take him to court and try to force a sale?? :-?
In addition to considering your time and money investment also understand that the property may not be in the same condition as you last saw it.... in other words if you were somehow succesfull in obtaining the property it will be damaged as this guy vacates.
Move On!! Find another sweet deal!
Also since you are in this forum I belive you must be an investor if so you are about to learn a hard lesson
if you pursue this past your actual expenses
ok thanks guys. The only reason I asked is b/c we were going to wholsale the contract and had a buyer signed up to buy our intrest in the contract for $12 grand. Also this is an estate property and the owner does not live there or anything its just a house that was left to him. I was thinking we could sue for lost wages or something. Since we know have to call of the deal with the guy who was going to buy the contract. How is it that we give a five thousand deposit and if we walk we loose that but if he walks he pays a couple hundred bucks for our fees. Whats the point in a contract???
Oh yeah if he does back out the house is two houses down from my friends I will keep very close tabs on it, and if he does not move in as he says he is going to I will definatly persue this to the fullest.
You can put a lein on the property, which would prevent him from selling the property, and also refinancing the poroperty. Did you register the contract with the county clerks office, this is also another good thing to do. Good luck you will win, as long as you can prove it it not your fault, meaning time ran out. Show you were, and are ready to close and you will win.
You may still have a good chance of getting the house pursue it patiently and calmly. get in touch with the owner and find out why he wants to back out. see if you can come to terms. if not politely remind him you have a binding contract with him and didnt think he was a type of person to bail. If still nothing contact a lawyer and have a few letters sent to increase his attention that you are serious and plan to sue for specific performance and fees. if he doesnt live in the home your chances are a lot better. These steps usually seem to get things rolling. Good Luck.