What If The Seller Changes His Mind
What is to stop the seller from changing his mind once the deal has already been signed and a new buyer is in place? And wanting to reclaim his property?
Thanks guys,
quinn
What is to stop the seller from changing his mind once the deal has already been signed and a new buyer is in place? And wanting to reclaim his property?
Thanks guys,
quinn
That depends on when exactly that you're saying that the seller has reconsidered.
If it's after you've already closed the escrow, filed your deed, and put a new buyer in, then like any other RE transaction, it's too late, as long as you've followed the laws of your state in regards to buying real estate.
Any time before the actual closing, personally, I'd just have them return to you any money that you've given them as escrow and go on with your life. You can legally sue for damages a seller that "backs out" of a signed purchase agreement without due cause, but it's rarely worth it, in profit, and ethics.
Roger
I had a house in which I wanted to buy and live in personally. I gave $1000 down. A week later he found another buyer willing to give his full asking price and cash. He came to me and asked if he would give me my down payment back PLUS an extra $1000, if I would agree to void our sales contract.
Although I was disappointed that I didn't get the house the small profit made it easy for me to move on with my life.