The seller was in a tight spot and needed money asap, so I gave him $36000. We then made a written contract to purchase the property for $239000. Throughout the process of getting a mortgage, the seller again needed money asap so I gave him another $10000. He is now attempting to back out of the sale.
How can you get out of the home sale contract? "A seller is best-advised to be absolutely firm about wanting to sell real estate," says Joanne Fanizza, an attorney in Farmingdale, New York. Sellers can face high hurdles if they want to back out of a contract to sell their home, explains Fanizza.
Sellers may try to back out of contracts for a variety of reasons, but it’s often because they believe they can get a higher price and make a better profit. This was a very common problem a few years ago when the market was so hot that values increased on a weekly basis.
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HELP – Seller is trying to get out of contract! Sorry r/RealEstate was no help. Either make a good estimate on the price difference (maybe 5-10%) and add that to their costs, or get it written into a new contract: $15k plus 100% of the difference in sale prices if they sell the house in the next 2 years.
Re: Seller Trying to Back Out of Contract Your point is well noted and I agree, is the action of taking the sellers to court worth the outcome. The contract does state that I can recover reasonable attorney fee’s from the seller if they breach the contract.