Getting Out of a Contract

What is the name of your state?

Arkansas

Help!!! We listed our condo with an agent and it was sold w/in 2 days. The problem?? We changed our minds! I KNOW this is STUPID -- but after we signed the conter-offer, we realized we had made a HUGE mistake -- we want to KEEP the condo for our children to use (it's on the lake in Hot Springs). I contacted the realtor w/in 48 hours of FAXING the documents -- we have NOT signed anything in PERSON -- only via fax.

What, if anything, can be done? Honestly, it was my husband's decision, and I signed it "under duress." But, I knew what I was doing.

HELP!!! Give me ANY ideas, PLEASE!!!!!!!!

[HomeGuru]

Originally posted by BabeFree
What is the name of your state?

Arkansas

Help!!! We listed our condo with an agent and it was sold w/in 2 days. The problem?? We changed our minds! I KNOW this is STUPID -- but after we signed the conter-offer, we realized we had made a HUGE mistake -- we want to KEEP the condo for our children to use (it's on the lake in Hot Springs). I contacted the realtor w/in 48 hours of FAXING the documents -- we have NOT signed anything in PERSON -- only via fax.

What, if anything, can be done? Honestly, it was my husband's decision, and I signed it "under duress." But, I knew what I was doing.

HELP!!! Give me ANY ideas, PLEASE!!!!!!!!

**A: the only thing you can do is request that the Buyer terminate the contract. If Buyer does not agree, you may have to pay them to sign the termination. If they still want to buy the property, you will have no choice.

You mean other than getting the buyer to agree -- which they won't -- there is NOTHING we can do? Even though we "canceled" w/in 48 hours?

We are desperate!!! If it were to go to court, other than lawyer's fees, what might it end up "costing" us if they won?

[HomeGuru]

Originally posted by BabeFree
You mean other than getting the buyer to agree -- which they won't -- there is NOTHING we can do? Even though we "canceled" w/in 48 hours?

We are desperate!!! If it were to go to court, other than lawyer's fees, what might it end up "costing" us if they won?

**A: once you accepted the Buyer's offer and signed the contract, it was a done deal. It would not matter if you changed your minds and cancelled within 48 hours or 24 hours.

Is there ANY way to "deal" with the buyer directly? We have their name, but that's all the agent will tell us.

PLEASE PLEASE PLEASE give me SOME "hope!" I can't BELIEVE there's NO way out!!!!

HELP!

[HomeGuru]

Then hire a local real estate attorney and get a 2nd opinion.

I trust you, and I know you're right! And I probably will talk to a lawyer.

Thank you for your time! I was just hoping for some kind of "inside tip" on how to get out of the contract. I honestly didn't realize that once we made a "counter-offer" and they accepted it, it was a "done deal." Again -- STUPID!!!!!!!

I now have the name/# of the buyer. Do you think it would be wise to contact them directly? Or would I just be making a bad situation worse? Like I said, I am DEPSERATE! It's an "emotional" issue -- not one of "finances"! It's not that we want more $$$, we just realized we made a mistake -- specifically my HUSBAND -- again, I signed under "duress."

Again, thank you for your time!

[HomeGuru]

Yes, you can talk to the Buyer directly but be courteous and make the call short.

OK -- so I realize I'm probably "screwed" -- but come on!!! SURELY you know of some little "secret clause" I can do/say to get out of this w/out it costing me a fortune!

If the buyer DOES agree to "back out," what "rights" does the realtor have? Would we be obligated to pay their commission?

What do you THINK our chances would be if it went to court????

Come on! HELP!!!!!

You said I "can" call the buyer -- SHOULD I call them? What should I say???

HELP!

[HomeGuru]

[quote]Originally posted by BabeFree
[b]OK -- so I realize I'm probably "screwed" -- but come on!!! SURELY you know of some little "secret clause" I can do/say to get out of this w/out it costing me a fortune!

**A: this is a free website. I charge for giving this type of information; especially secret clauses.
*********
If the buyer DOES agree to "back out," what "rights" does the realtor have?

**A: Realtor has the same rights pursuant to the listing contract. Point blank, the Realtor would be entitled to their earned commission.
******

Would we be obligated to pay their commission?

**A: see above.
*****

What do you THINK our chances would be if it went to court????

**A: you will have a great chance to lose say 99.9999999999999999999999999
*******

Come on! HELP!!!!!

**A: I have been helping. Has anyone else?
*******

You said I "can" call the buyer -- SHOULD I call them?

**A: yes, if you want to.
******
What should I say???

HELP!

**A: now let's get real here. You have come to this legal website to ask the HomeGuru that question? Are you a grown adult? PLEASE, PLEASE, PLEASE take a stand and think like an adult. Leave your irrational and emotions feelings aside. Employ common sense.