Can seller cancel escrow?

[dbrowndog]

What is the name of your state? Arizona

We have lived in our house for 3 years. But we sold a home and used our credit in 2005 and found out we are nor elgible for credit until Oct., 2007. We would have to pay capital gains on the sale. We would prefer to cancel escrow and sell next year. Can we cancel?

 

[nextwife]

What is the name of your state? Arizona

We have lived in our house for 3 years. But we sold a home and used our credit in 2005 and found out we are nor elgible for credit until Oct., 2007. We would have to pay capital gains on the sale. We would prefer to cancel escrow and sell next year. Can we cancel?

Your tax issue is NOT the buyer's problem. You should have made all your "time to sell or not" determinations BEFORE you accepted an offer.

Have an attorney review your contract and determine what "legal OUTs" the contract may offer you.

 

[danno6925]

But we sold a home and used our credit in 2005 and found out we are nor elgible for credit until Oct., 2007.

Who told you this? On what basis are you unable to secure credit for another year? That sounds stupid to me, but what do I know about AZ real estate?

We would have to pay capital gains on the sale

Only on the profits though, not the total amount. Was this a suprise?

We would prefer to cancel escrow and sell next year. Can we cancel?

I would prefer to retire at 40, but my quality of life might suffer a little, considering I'm only 28. Can you? Sure, but be prepared to deal with the consequences.

I agree with Nextwife's correct reply. Your tax problems are your problems, so get an attorney to find you a "legal out" from the contract.

 

[moburkes]

danno-I don't think they are talking about securing credit, although that is what I first thought, too. They are talking about the credit that you get for living in your house before you sell it (is it called capital gains?)

 

[danno6925]

danno-I don't think they are talking about securing credit, although that is what I first thought, too. They are talking about the credit that you get for living in your house before you sell it (is it called capital gains?)

Without good information from the poster, good advice is not possible. Garbage in garbage out.

dbrowndog:
State your facts more clearly, and we'll try to help you make the right decision. However, if you're trying to cancel for the reason as moburkes stated them - your answer is no. You do not have a valid reason to cancel the escrow on a potential buyer because you failed to do your research ahead of time as you should have. Pay up and move out.