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Seller Trying to back out

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Doofy

Guest
Hi. I'm from NYC. I've got a signed sales contract from a seller. Now he is trying to back out of the sale cause he found out he can sell for more money. Can he do this? His lawyer has already taken my 10% deposit, however, it has not been deposited. But he has signed off on the sales contract that he received it.

Is the seller required to now sell me the house because of the contract? If he refuses, normally, how am I to be compensated?

Any help is appreciated.

-Chi
 


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Budman115

Guest
this is what i understand in PA anyway. if you have a contract and a deposit and the seller wont sell, check your contract there are cluases in there that say if you cant agree either you walk away or accept mediation. that means you go to an attorney and hammer it out we chose mediation and still lost the property and our deposit and they sold the house to someone else.so do the mediation
 
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Doofy

Guest
You chose mediation and lost your deposit and the property? That's crazy. I'm not the one backing out, I want the property, how can I be stuck with such a lost?

I've actually got an attorney, but he's out of town until Tuesday, and I am just too impatient to find out what will happen. Thanks for sharing your story though. I guess I've got to be very careful.

It's quite disappointing. What good is a contract if someone can just back out of it? The clauses on my contract say if I backed out, than the seller keeps the deposit as damages. But it doesn't say specifically what the seller has to pay. It just says I am due damages. I was wondering if there was a standard usually for these damages. Like is it usually equal to the deposit I placed. But I guess not.

-Chi
 

JETX

Senior Member
If the contract is valid and all conditions have been met (if any), then it is binding on both parties... you and the seller.

So, the decision comes down to whether you want to allow the seller out or not. If you don't, you will need to get an attorney. Have him/her write a letter to the sellers advising them of the consequences of their breach. If they still don't agree, then you will have to take legal action against them, starting with a 'Lis Penden' action. This will basically freeze any sales of the property until your claim can be heard. That will usually bring the seller to their senses. If it still doesn't, then you will have to consider a lawsuit for 'specfic performance' (simply to force them to 'perform' as required by the contract).

All of this is not simple and really requires an attorney.

By the way, where IS your attorney and realtor during all this???
 
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Budman115

Guest
we did not exactly loose our deposit. it is still in escrow but we are buying a new house and we cant use that money because the seller wont release it. we never filed any papers to stop the sale of the house so i guess we loose. good luck..
 

JETX

Senior Member
Budman, you are diluting this writers responses by interlacing your problems with his. Please leave your story at your post...
https://forum.freeadvice.com/showthread.php?postid=266989#post266989

So, this response is to Doofy:
Read my post. Do not get tangled up in Budman's or you will never figure out which is yours and which is his. You are already diverting your responses by entering into a discussion with Budman about HIS problem. Stay focused on YOURS.
 
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Doofy

Guest
My attorney is on a long weekend vacation. He will be back on Tuesday. I found out the seller wanted to back out from my Real Estate Agent on Thursday. The agent said to consult with my lawyer and see what was the best way to approach this. I've just been too impatient and wanted to know what kind of options I have. This way when I speak to my attorney, I will better understand.

I really appreciate the information you posted for me Halket. It gives me an idea that there are ways to force the seller to sell through the courts. But it looks like I will be in a bad situation if I have to go this way. Because I'm sure the process is pretty lengthy. One of the main reasons I am buying now is because of the low interest rates. If the purchase gets too delayed, rates will go up.

Many thanks.
-Chi
 
D

Doofy

Guest
My attorney is on a long weekend vacation. He will be back on Tuesday. I found out the seller wanted to back out from my Real Estate Agent on Thursday. The agent said to consult with my lawyer and see what was the best way to approach this. I've just been too impatient and wanted to know what kind of options I have. This way when I speak to my attorney, I will better understand.

I really appreciate the information you posted for me Halket. It gives me an idea that there are ways to force the seller to sell through the courts. But it looks like I will be in a bad situation if I have to go this way. Because I'm sure the process is pretty lengthy. One of the main reasons I am buying now is because of the low interest rates. If the purchase gets too delayed, rates will go up.

Many thanks.
-Chi
 

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