How can I back out of my contract to sell my house.

[martyray74]

Utah

I needed to move to a new house to accommodate the deteriorating health conditions of me and my wife. So, we put our house up for sale, and began looking for a house that would meet our needs. We received an offer, and accepted it. We found a house we liked, put in an offer to buy it, and it was accepted. Now, however, we are being told that we do not qualify for a loan (we are both on social security).

When we accepted the offer to sell our house, we explained to our real estate agent that we needed to be able to find and buy a house that would fit our needs. We were under the assumption that the selling of our house was contingent upon us being able to buy a house that met our needs. When we heard from our real estate agent that we were being denied approval of a loan, they told us that not only can we not buy the house that we wanted to buy, but we are out of a house at the end of the month because there is no contingency in our contract pertaining to us being able to buy a home.

We were initially preapproved for the price of the home we wanted to buy. However, since our preapproval, we had to pull out some money from our savings to cover some medical costs. Now, we are being denied approval for the loan because we had pulled that cash out of our savings.

Because we were not under contract to buy a home when we accepted the offer to sell our home, the length of time from our acceptance to closing was about 2 months. Since 1 month of the time has passed, the buyers have had time to complete having a home inspection and an appraisal completed.

Would it be possible to approach the buyers, and offer to pay them for the appraisal and home inspection in return for accepting a retraction of our purchase contract?

[Zigner]

Originally Posted by martyray74

Utah

I needed to move to a new house to accommodate the deteriorating health conditions of me and my wife. So, we put our house up for sale, and began looking for a house that would meet our needs. We received an offer, and accepted it. We found a house we liked, put in an offer to buy it, and it was accepted. Now, however, we are being told that we do not qualify for a loan (we are both on social security).

When we accepted the offer to sell our house, we explained to our real estate agent that we needed to be able to find and buy a house that would fit our needs. We were under the assumption that the selling of our house was contingent upon us being able to buy a house that met our needs. When we heard from our real estate agent that we were being denied approval of a loan, they told us that not only can we not buy the house that we wanted to buy, but we are out of a house at the end of the month because there is no contingency in our contract pertaining to us being able to buy a home.

We were initially preapproved for the price of the home we wanted to buy. However, since our preapproval, we had to pull out some money from our savings to cover some medical costs. Now, we are being denied approval for the loan because we had pulled that cash out of our savings.

Because we were not under contract to buy a home when we accepted the offer to sell our home, the length of time from our acceptance to closing was about 2 months. Since 1 month of the time has passed, the buyers have had time to complete having a home inspection and an appraisal completed.

Would it be possible to approach the buyers, and offer to pay them for the appraisal and home inspection in return for accepting a retraction of our purchase contract?

It can't hurt to talk to them. But don't plan on getting out of it for only the cost of the appraisal and inspection. In fact, it's entirely possible that you will be forced to sell.

[HomeGuru]

Yes, basiscally you have to now negotiate to buy your house back.

[lsk]

Not true no court is going to force you to sell your house.

[HomeGuru]

Originally Posted by lsk

Not true no court is going to force you to sell your house.

**A: now where are you getting that information from? It can't possibly be from the contract law specific performance section.

[Zigner]

Originally Posted by lsk

Not true no court is going to force you to sell your house.

Google "Specific Performance"


Then come back and back-peddle

[HomeGuru]

Ah Zig, great minds think alike.

[Stevef]

Originally Posted by lsk

Not true no court is going to force you to sell your house.

Why would a New Orleans (NO) court get involved in a Utah real estate transaction?

I'll admit I don't understand Louisiana law.

[HomeGuru]

Originally Posted by Stevef

Why would a New Orleans (NO) court get involved in a Utah real estate transaction?

I'll admit I don't understand Louisiana law.

**A: Nawlins, yeah**************......

[sniper111]

Originally Posted by lsk

Not true no court is going to force you to sell your house.

You think judge will have mercy to sellers?

[FlyingRon]

Depends on the reasoning for rescinding the contract. If it's just to sell to others at a higher price, then specific performance is LIKELY. If it's because there was some life changing event, then more direct monetary damages. Despite the aspersions to the contrary, specific performance is unlikely to result in this case.