Seller considering breach of contract??

[Toolrokz]

Hello my wife and I recently sold our house and the closing date is July 28th. We had contracts to get a new house built but I was hurt at work and we got out of that without much of a loss. What can happen to us if we breach contract with buyers? We also think we may have undervalued our house and could have gotten probably another $10,000 or so. We live in NJ can they make us sell the house? We are willing to pay money and settle if they want to stay because it is a very comfortable mortgage with my injury. Also is the Real Estate agent entitled to their commission(I think they are but just double checking)? My main concern is if we breached the contract and went to court could we be forced to sell the house? Thanks

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Toolrokz:
Hello my wife and I recently sold our house and the closing date is July 28th. We had contracts to get a new house built but I was hurt at work and we got out of that without much of a loss. What can happen to us if we breach contract with buyers? We also think we may have undervalued our house and could have gotten probably another $10,000 or so. We live in NJ can they make us sell the house? We are willing to pay money and settle if they want to stay because it is a very comfortable mortgage with my injury. Also is the Real Estate agent entitled to their commission(I think they are but just double checking)? My main concern is if we breached the contract and went to court could we be forced to sell the house? Thanks<HR></BLOCKQUOTE>

If the Buyers really want the home no matter what, they could sue you for specific performance and force you to sell. The alleged below market sales price is not the Buyers fault, it is your own and your Realtors. No one forced you to sign the sales contract at the agreed upon sales price. The real estate agent is certainly entitled to the sales commission unless breached the requiste standard of care ie. fraud and misrepresentaion was committed.

Try and negotiate with the Buyers, if you sold for $10K less than market value, you may have to give them $10K cash to walk. The next alternative would be to move out and rent.