Want out of a sale

What is the name of your state? Virginia

I signed a contract to sell my home to a friend well under market value. Ten days later I was told that I was taken advantage of and that they would pay $15,000 more for the house. My friend and his agent won't release me from the contract what can I do.

[HomeGuru]

Originally posted by Vheat
What is the name of your state? Virginia

I signed a contract to sell my home to a friend well under market value. Ten days later I was told that I was taken advantage of and that they would pay $15,000 more for the house. My friend and his agent won't release me from the contract what can I do.

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

[nextwife]

If your friend will pay $15,000 more than you are currently listed at, what is stopping him? You have not accepted an offer, and he still can write buy the house.

I'm sure what you telling me. He won't pay more for the house and he won't let me out of the contract. Can I send him a certified letter cancelling the sale and sell the house to the other person. If I do, what is his recourse? We have a standard REIN contract (MLS). With friends like him who needs enemeys.

With friends like him who needs enemeys.

Well that's a little like the pot calling the kettle black. Listen, YOU signed the same contract that your 'friend' did so don't blame this friend for requiring you to abide by it. They are.

And without an exact copy of the contract in front of us to read and study, there is no way you're getting any other advice except to 'contact a real estate attorney'.

The fact that someone else is willing to pay more for the home has absolutely no bearing on whether or not you can get out of the contract.

So take the advice given or not. It's your choice.

[HomeGuru]

Originally posted by nextwife
If your friend will pay $15,000 more than you are currently listed at, what is stopping him? You have not accepted an offer, and he still can write buy the house.

**A: the writer stated that there is an accepted contract.

[nextwife]

Teach me to read posts in the middle of the night when I put the dog out. I read it as he entered a contract to try to sell (listed at a price below market).

No, unless there is a contingency on your end, there is likely not a legal way out. You need a RE attorney. Now, IF the person was a RE professional, you may be able to approach this on the basis if erroneous market value info, etc. Don't know enough about the parties.

But truly, if you chose to just accept an offer without seeking a price that the market brings, that is your choice. Some accept a lower offer to accomplish a fast sale. Had you researched market value, what other properties in your area like yours are selling for? I am sure no one tied you to the railroad tracks and forced you to sign over the farm.

As in anything else, one should do some homework before going ahead with any big dollar transaction.

[HomeGuru]

Originally posted by nextwife
Teach me to read posts in the middle of the night when I put the dog out. I read it as he entered a contract to try to sell (listed at a price below market).

**A: Next time have your dog read the post.
And also respond.
**********
No, unless there is a contingency on your end, there is likely not a legal way out. You need a RE attorney. Now, IF the person was a RE professional, you may be able to approach this on the basis if erroneous market value info, etc. Don't know enough about the parties.

But truly, if you chose to just accept an offer without seeking a price that the market brings, that is your choice. Some accept a lower offer to accomplish a fast sale. Had you researched market value, what other properties in your area like yours are selling for? I am sure no one tied you to the railroad tracks and forced you to sign over the farm.

As in anything else, one should do some homework before going ahead with any big dollar transaction.

**A: and the writer also had the opportunity to get an appraisal or make the sales price subject to appraised value by the lender's appraiser.

I just want to say that I sympathize with your position. However if it should come down to lawyers and a court date He can suit you for non-performance of the contract and costs of court and attorneys fees!

[HomeGuru]

Originally posted by pwelborn
I just want to say that I sympathize with your position. However if it should come down to lawyers and a court date He can suit you for non-performance of the contract and costs of court and attorneys fees!

**A: can he also suit the writer with Armani?

Sir, I would like to first know what ARMANI is! However, the writers only other recourse is to have the two parties mutually agree to sign a release statement. It sounds from the description that he is part of a FLIP in which case if he wished to monitor the case closely enough new federal regulations require a what I refer to as a cooling period. I am a realtor myself and not without some knowledge.

ARMANI is a designer line of Suits. geeez, how many sales do you close in a decade?

I hope yours is comfortable! I was speaking in terms of Law suits of course. This person may sue for non-performance of his contract.

[HomeGuru]

[quote]Originally posted by pwelborn
.... He can suit you for non-performance of the contract and costs of court and attorneys fees!

**A: you said "he can suit you". The proper word should have been sue, as in he can sue you**************