Don't Sell Whats The Worst That Could Happen?

[wellcalm]

What is the name of your state? NY
I agreed to sell my property on Dec. 2nd. and by the 6th I got cold feet and told my agent I didn't want to sell my house. I've settled my mind finally that staying in my current home is for the best. Am I obliged to sell? The lawyer for the buyers agent wrote this note today:

I am the solicitor for __the agent__ and I anticipate being retained by __(the buyers)__.

The Agreement of Purchase and Sale includes a home inspection. __The buyers__ have a offer to purchase their property and are unable to accept the offer until they know the outcome of a home inspection which has been booked for Friday 8, between 3:00 and 5:00 p.m.

If vendor refuses to allow the home inspection, legal action will be commenced against the vendor for damages by both the purchasers. Also the selling agent will sue for loss of commissions. Furthermore a certificate of pending litigation will be registered against the vendor's property which means that he will not be able to sell or mortgage his property until the Courts have determined the amount of damages.

Please impress upon your clients the seriousness of the situation.

I'm not interested in selling and was rushed in doing so. It is simply a personal decision and it isn't that I have another buyer wanting to purchase for more. It was a error in judgement.

Tomorrow is the last day to let them in for the inspection which I'm sure will go fine. What will happen if I don't allow the inspection to happen? Does this usually end up in court action? I don't need the drama of going to court, but I don't think I have it in me to move.

[moburkes]

It could, if they want to pursue it. You signed a legally binding contract, and now want to breach that contract.

[wellcalm]

Would it not be in my best interest to Breach the contract now while the buyers haven't invested anymore time or money into the property?

[moburkes]

I can't tell you what is in your best interest, except to contact a local real estate attorney. However, be prepared to pay for your bad judgment.

[wellcalm]

I'd be willing to pay. But what realistically could they be awarded? The house sold for $360,000.

[moburkes]

the FA crystal ball is down tonight. Hell, consultants get paid hundreds of thousands of dollars to guess the outcomes of cases, and you want ME to guess about this FOR FREE?

Nope, not my experise, but for a small fee, I'd be happy to oblige!

[PghREA]

It all depends on how badly the buyers want the house. As Moburkes said, you signed a legal contract. If you already have talked to the buyers and they do not want to let you out of the contract and apparently they don't because you have a letter from there attorney, then there is not much you can do. You need to get your own real estate attorney as quickly as possible.

I have seen buyers pursue a purchase when a seller has changed his mind. The process can be he77.

[LindaP777]

With a little luck, the inspection could reveal a few defects (truthfully, if the inspector finds nothing, then it looks like he's not doing his job, so he always has a long list of stuff) which will open up negotiations for repairs or $$$ for the buyers to make the repairs. Then your end of the negotiations would be "NO" and then the sale would be off.
However . . . newer houses have much fewer "issues" and the buyer could accept the houses as is even after problems are discovered. Then your back in the same situation, not wanting to sell.