http://sellmyhousequicklytm.com/do-i-have-time-to-get-out-of-selling-my-house-when-i-have-signed-an-offer Sell house by owner. How to sell your own house. Thu, 22 Sep 2011 00:00:27 +0000 hourly 1 http://wordpress.org/?v=3.1.4 http://sellmyhousequicklytm.com/do-i-have-time-to-get-out-of-selling-my-house-when-i-have-signed-an-offer/comment-page-1#comment-354 turbiville Mon, 28 Sep 2009 22:19:05 +0000 http://sellmyhousequicklytm.com/do-i-have-time-to-get-out-of-selling-my-house-when-i-have-signed-an-offer#comment-354 Technically, as the seller you cannot get out of the contract, it is the buyer's option to end the transaction once you have agreed to accept an offer, If you really want out, you can file an amendment to the contract stating that the buyer has to pay your penalty. That way, if the buyer REALLY wants your house he/she will pay it for you. Otherwise, they will just walk away from the deal. Or you could tell them it's haunted...either one should work. There is some risk that the buyer could file a specific perfrormace lawsuit, but chances are they do not know that, and wouldn't want to pay a lawyer for the work anyway. Technically, as the seller you cannot get out of the contract, it is the buyer’s option to end the transaction once you have agreed to accept an offer, If you really want out, you can file an amendment to the contract stating that the buyer has to pay your penalty. That way, if the buyer REALLY wants your house he/she will pay it for you. Otherwise, they will just walk away from the deal. Or you could tell them it’s haunted…either one should work.
There is some risk that the buyer could file a specific perfrormace lawsuit, but chances are they do not know that, and wouldn’t want to pay a lawyer for the work anyway.

]]> http://sellmyhousequicklytm.com/do-i-have-time-to-get-out-of-selling-my-house-when-i-have-signed-an-offer/comment-page-1#comment-355 newmexicorealestateforms Mon, 28 Sep 2009 22:19:05 +0000 http://sellmyhousequicklytm.com/do-i-have-time-to-get-out-of-selling-my-house-when-i-have-signed-an-offer#comment-355 First of all some states like NM forbid a prepayment penalty on principal residences unless the lender is a Federally chartered institution you might want to check to see if your state has similar laws. Second you have signed a contract and as such you are obligated to the terms and conditions of such a contract and depending on the language of that contract you can not bail out unless you get the approval of the buyer to do so. I would have your agent approach the buyers or the agent for the buyers and see if an agreement can be reached relating to a new price in view of the penalty or if they will simply let you off the hook. Only an agreement between the principals can terminate the accepted offer without legal implications such as a law suit for performance under the contract. Buena Suerte First of all some states like NM forbid a prepayment penalty on principal residences unless the lender is a Federally chartered institution you might want to check to see if your state has similar laws.
Second you have signed a contract and as such you are obligated to the terms and conditions of such a contract and depending on the language of that contract you can not bail out unless you get the approval of the buyer to do so.
I would have your agent approach the buyers or the agent for the buyers and see if an agreement can be reached relating to a new price in view of the penalty or if they will simply let you off the hook. Only an agreement between the principals can terminate the accepted offer without legal implications such as a law suit for performance under the contract.
Buena Suerte

]]> http://sellmyhousequicklytm.com/do-i-have-time-to-get-out-of-selling-my-house-when-i-have-signed-an-offer/comment-page-1#comment-356 deletmor Mon, 28 Sep 2009 22:19:05 +0000 http://sellmyhousequicklytm.com/do-i-have-time-to-get-out-of-selling-my-house-when-i-have-signed-an-offer#comment-356 This is a legal question and you should spend a few $$$ and talk with a Lawyer(real estate lawyer) This is a legal question and you should spend a few $$$ and talk with a Lawyer(real estate lawyer)

]]> http://sellmyhousequicklytm.com/do-i-have-time-to-get-out-of-selling-my-house-when-i-have-signed-an-offer/comment-page-1#comment-357 Richard M. Johnston, Realtor Mon, 28 Sep 2009 22:19:05 +0000 http://sellmyhousequicklytm.com/do-i-have-time-to-get-out-of-selling-my-house-when-i-have-signed-an-offer#comment-357 Talk with your agent and let them know that you are thinking of postponing the sale to avoid the penalty. Maybe you can work out a longer escrow to avoid the prepay. It's possible the buyer really doesn't want your place. Talk with your agent and let them know that you are thinking of postponing the sale to avoid the penalty. Maybe you can work out a longer escrow to avoid the prepay. It’s possible the buyer really doesn’t want your place.

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