Can I get out of this contract???

[Josh_01]

What is the name of your state?What is the name of your state? Wisconsin

I signed a contract to build a new home (spec home) with the contigency only if my house is sold. I am listing the house myself and have been for about 5 months. I have $1,000 down in earnst money on the new home. I have a change of heart and would not like to build this home.

There is nothing in the contract stating that I have to have a for sale sign, or any advertisments. Also, there is nothing in the contract stating that my home has to be forsale for a period of time.

Is there any way out? Or do I have to eat it and build this home?

Thanks,
-Josh

[HomeGuru]

Originally Posted by Josh_01

What is the name of your state?What is the name of your state? Wisconsin

I signed a contract to build a new home (spec home) with the contigency only if my house is sold. I am listing the house myself and have been for about 5 months. I have $1,000 down in earnst money on the new home. I have a change of heart and would not like to build this home.

There is nothing in the contract stating that I have to have a for sale sign, or any advertisments. Also, there is nothing in the contract stating that my home has to be forsale for a period of time.

Is there any way out? Or do I have to eat it and build this home?

Thanks,
-Josh

**A: have a real estate attorney review your contract.

[Josh_01]

I just pulled out my Offer to Purchase contract.

Per the contract - "This transaction is to be closed at the place designated by Buyer's mortgagee or XXXXXXXX no later than February 1, 2005 unless another date or place is agreed to in writing".

Sale of buyer's property contingency - "This offer is contingent upon the sale and closing of Buyer's property located at XXXXXXX, no later than 02/01/2005."

What do you think? Only a few more days and I am free!?

-Josh

[HomeGuru]

Originally Posted by Josh_01

I just pulled out my Offer to Purchase contract.

Per the contract - "This transaction is to be closed at the place designated by Buyer's mortgagee or XXXXXXXX no later than February 1, 2005 unless another date or place is agreed to in writing".

Sale of buyer's property contingency - "This offer is contingent upon the sale and closing of Buyer's property located at XXXXXXX, no later than 02/01/2005."

What do you think? Only a few more days and I am free!?

-Josh

**A: it appears so but you may lose your $1000 since you did not try to sell your property in good faith.

[Josh_01]

But I had a For Sale sign in my front yard and have had 2 open houses. That is not a good faith effort?

[HomeGuru]

Originally Posted by Josh_01

But I had a For Sale sign in my front yard and have had 2 open houses. That is not a good faith effort?

**A: no, that would be partial faith effort. Compare what you did to what a top producing Realtor would have done.

[Josh_01]

Originally Posted by HomeGuru

**A: no, that would be partial faith effort. Compare what you did to what a top producing Realtor would have done.

blah. They went into the contract with me knowing I was going to list myself.

[HomeGuru]

Originally Posted by Josh_01

blah. They went into the contract with me knowing I was going to list myself.

**A: that's fine and good but I am sure that they presumed that as a for sale by owner Seller, you would market the property effectively typical of general real estate industry practices of a listing broker.

[Josh_01]

Originally Posted by HomeGuru

**A: that's fine and good but I am sure that they presumed that as a for sale by owner Seller, you would market the property effectively typical of general real estate industry practices of a listing broker.

For Sale sign in the front of my house, brochures with color pictures of the interior and back yard to take, listings in the local newspaper every weekend and 2 open houses. I think I did a pretty fair job of marketing the home.

[HomeGuru]

Originally Posted by Josh_01

For Sale sign in the front of my house, brochures with color pictures of the interior and back yard to take, listings in the local newspaper every weekend and 2 open houses. I think I did a pretty fair job of marketing the home.

**A: and what else would a top producing listing Realtor have done to effectively market the proerty?

[Josh_01]

Originally Posted by HomeGuru

**A: and what else would a top producing listing Realtor have done to effectively market the proerty?

I dont know.. Walk around and tell everyone he knows about the home that is for sale... Like i said earlier, they knew I was listing my home myself. They could have opted to not even sign the deal with me. I dont know what your gripe is, but damn.

[HomeGuru]

Originally Posted by Josh_01

I dont know.. Walk around and tell everyone he knows about the home that is for sale... Like i said earlier, they knew I was listing my home myself. They could have opted to not even sign the deal with me. I dont know what your gripe is, but damn.

**A: well a damn good listing agent would put the property in MLS and on websites, make color fact sheets/postcards, send via direct and email the fact sheets/cards to real estate brokers and agents in the network, advise on staging the property for curb and interior appeal, place ads in print media such as newspapers and RE magazines, have open houses and broker's open, order a preliminary title report, discuss getting a survey, home and pest inspections**************......