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House sale contract

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C

Cat2

Guest
What is the name of your state? NJ
We have signed a contract of sale on our home in Aug. 2003.
We were scheduled for settlement in Sept. It was postponed until Oct. It was then postponed to Nov 30. With a time is of the essence agreement between both buyer and seller.
We did not close on the house because the buyers of our home were still unable to settle on the sale of their home in order to purchase our home. (Our original contract did not specify sale contingent upon buyers selling home)
We have signed the release for them to get their deposit money and declare the contract null and void.We do not want to sell to them. We have a back up buyer that is ready willing and able to purchase my home without having a propery to sell.
My broker tells me that the first buyer can try and force the sale even though the time has expired on the contract.
Am I stuck with them? We have had to make 2 more mortgage payments, Have quit our jobs since we thought we were moving and gave away or sold most of our belongings.


Thank You for any input you can give.
 


HomeGuru

Senior Member
Cat2 said:
What is the name of your state? NJ
We have signed a contract of sale on our home in Aug. 2003.
We were scheduled for settlement in Sept. It was postponed until Oct. It was then postponed to Nov 30. With a time is of the essence agreement between both buyer and seller.
We did not close on the house because the buyers of our home were still unable to settle on the sale of their home in order to purchase our home. (Our original contract did not specify sale contingent upon buyers selling home)
We have signed the release for them to get their deposit money and declare the contract null and void.We do not want to sell to them. We have a back up buyer that is ready willing and able to purchase my home without having a propery to sell.
My broker tells me that the first buyer can try and force the sale even though the time has expired on the contract.
Am I stuck with them? We have had to make 2 more mortgage payments, Have quit our jobs since we thought we were moving and gave away or sold most of our belongings.


Thank You for any input you can give.
**A: your broker is correct. Have a real estate attorney review your contract and send a termination letter.
 
Last edited:
C

Cat2

Guest
We faxed the Release of Agreement of Sale to the Realtor. We also sent copy certified mail to both buyer and real estate salesperson.
Now what? If they dont sign and my contract date is over why cant I just sell my property to another party?
What recourse do I have?

Thank You
 

HomeGuru

Senior Member
Cat2 said:
We faxed the Release of Agreement of Sale to the Realtor. We also sent copy certified mail to both buyer and real estate salesperson.
Now what? If they dont sign and my contract date is over why cant I just sell my property to another party?
What recourse do I have?

Thank You
**A: and what did your broker say about this?
 
C

Cat2

Guest
My broker is saying we will wait and see if they sign the release.
I am giving them back their down payment money.
I have another offer on the house but buyer2 will back out if there are problems with the first buyer. To date buyer 1 is still unable to settle. How much time do I have to give them to sign the release or reject it.
We are living in a empty house, have no jobs and are very miserable over this whole thing. We found out about the settlement problem the day before closing and that problem has not been resolved yet.
I Just want out of first contract . I dont want their earnest money.
I dont want damages. I just want to be free to sell my house to buyer #2.

Thank You for Your Advice
 

HomeGuru

Senior Member
Cat2 said:
My broker is saying we will wait and see if they sign the release.
I am giving them back their down payment money.
I have another offer on the house but buyer2 will back out if there are problems with the first buyer. To date buyer 1 is still unable to settle. How much time do I have to give them to sign the release or reject it.
We are living in a empty house, have no jobs and are very miserable over this whole thing. We found out about the settlement problem the day before closing and that problem has not been resolved yet.
I Just want out of first contract . I dont want their earnest money.
I dont want damages. I just want to be free to sell my house to buyer #2.

Thank You for Your Advice
**A: Ok, wait another 10 days but call your broker every day. Even on weekends.
 

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