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Is it possible to pull out of a house AFTER you're out of attorney review?
We just got out of attorney review a few days ago and the sellers now want to get out of our contract. They were going to buy a house in the neighborhood but the couple that planned on selling to them have been "ridiculous with demands" (so their lawyer says) So now they want to pull out of our deal!
Can they do this even though we're passed attorney review?
Is it possible to pull out of a house AFTER you're out of attorney review?
We just got out of attorney review a few days ago and the sellers now want to get out of our contract. They were going to buy a house in the neighborhood but the couple that planned on selling to them have been "ridiculous with demands" (so their lawyer says) So now they want to pull out of our deal!
Can they do this even though we're passed attorney review?
I'm so upset. I love this house.
The only person who can answer this question would be your attorney. Your attorney knows your particular contract and can tell you whether or not they can do it.
Usually, once you're out of attorney review, sellers can't pull out, especially w/out any "legitimate" reason. But again, only you and your attorney know what's in your contract. There could be provisions that would allow them to do it. Often, when people try to sell and buy at the same time (which is what your sellers are doing), they put a clause that says that the sale of their house is final contingent upon the other transaction, meaning they won't close on their current house until they close on the house that they are buying.
They probably cannot according to the contract, though if you have not done your home inspection, and things do come up due to the home inspection, good luck in getting the sellers to make any repairs or give any credits.
I would also say that you need to talk very carefully with your attorney.
Is it possible to pull out of a house AFTER you're out of attorney review?
We just got out of attorney review a few days ago and the sellers now want to get out of our contract. They were going to buy a house in the neighborhood but the couple that planned on selling to them have been "ridiculous with demands" (so their lawyer says) So now they want to pull out of our deal!
Can they do this even though we're passed attorney review?
I'm so upset. I love this house.
Hate to say it but real estate contracts are worthless. Anyone can get out of any deal at any time. I believe that the standard language in the contract does NOT even allow for a seller to keep a deposit when a buyer defaults. What you can do is sue them for damages. But it will be expensive for you to pursue litigation and in many cases it is not worth it. Have your lawyer send them a threatening letter that's about all you can do.
Last edited by MoorestownResident; 07-10-2008 at 12:47 PM..
Is it possible to pull out of a house AFTER you're out of attorney review?
We just got out of attorney review a few days ago and the sellers now want to get out of our contract. They were going to buy a house in the neighborhood but the couple that planned on selling to them have been "ridiculous with demands" (so their lawyer says) So now they want to pull out of our deal!
Can they do this even though we're passed attorney review?
I'm so upset. I love this house.
Sounds like they may of had a home purchase contingency..in other words, you told them it was ok - that you would wait until they found a new home. I would talk to your attorney..I'm sure he knows for sure. Where was the house you were buying?
Yes they can pull out after attorney review! They can pull out all the way up to the final closing. The only thing that counts is the closing signature. Once they sign the closing papers, its theirs. Attorney review means nothing..You will have weeks of more frustration. After our attorney review, the buyer asked to drop the price even more about 3 more times. Oh...it never ends.
Yes they can pull out after attorney review! They can pull out all the way up to the final closing. The only thing that counts is the closing signature. Once they sign the closing papers, its theirs. Attorney review means nothing..You will have weeks of more frustration. After our attorney review, the buyer asked to drop the price even more about 3 more times. Oh...it never ends.
But then some closings go fine. We sold our house in NJ recently. We had a signed contract, and attorney review in early May. The inspection showed some issues which we had corrected. The buyer got her mortgage with no problem. We closed on June 27th, with us 1500 miles away. Not every closing is a nightmare.
All they need is the mortgage rep to say they can't qualify any longer (as long as the mortgage commitment wasn't issued). But most people know it's more costly and a hassle to sue them so you'll let them out of the contract anyway. We had someone back out 2 days before but there would have been more costs this close to closing we could have sued for so they gave us a settlement.
But then some closings go fine. We sold our house in NJ recently. We had a signed contract, and attorney review in early May. The inspection showed some issues which we had corrected. The buyer got her mortgage with no problem. We closed on June 27th, with us 1500 miles away. Not every closing is a nightmare.
Your Very Lucky. Other than my first closing, they have all been nighmares. That one I bought new, nothing to sell. It was only 2 months later than promised, but that is usual with a new build.
Here is my Lineup of Closing
Selling first house, easy, took 3 weeks and it wasn't a good market 16 1/2% interest rates.
Buyer was buying cash from sale of their home. Closing was adjoured 3 times because their buyers were short $. They finally closed 3 weeks later but they had to reduce their price $7000 to close. I gave up $1000 to get deal over with. (Mt Sinai, LI)
Closing on buy easy, they were relocated so house was empty. I got a Mtg deal from their company for 13 1/2% for 3 years, after the 3rd year I refinanced at 11% for 15 years. That mtg was almost paid off when I bought house #3. (Babylon, LI)
Selling 2nd house, 6 months with one really bad realtor, 3 weeks with the one that sold it.
Closing went fine on that house, no problems but buy on House #3 in NJ, No problem with sellers but the lawyers were fighting over a tiny parcel of land they sold at end of property to a builder. He needed it for access to 20 acres.
I didn't care about this land, but both attorneys sure did.
Lucky that NY state law gave you 10 days after closing to move out, because closing on 2nd house was 5 days later.
My lawyer was a Judge in Englishtown Ct when I moved, he still may be.
Selling house #3,( Manalapan, NJ) awful, 2006, dead market, Contract May, Close July 20TH-will be my Anniverary soon.
Buyers decided to do multiple inspections to lower the price from agreed price on contract. The house had a new Heating System,New siding, Roof, Deck.
They complained pool liner was old, but it had no leaks. Said windows needed replacing-They did open, and they knew the age when they purchaced house.
Countertops , Appliances in Kitchen were new, but 20 year old cabinets in excellent condition. They wanted us to replace. Come on, they bought the house that way or price would have been higher.
They found Water in Crawl. I said I would install 2 sump pumps, same as other neighbors had(Area had high Groundwater, all of Marboro and Manalapan do) They said French Drains were needed and that they were $15,000, I got an estimate for $6000, so that was bogus again.
Meanwhile, Contracts were different in TN so I had to close or lose the house.
I closed here 3 weeks before closing occured in NJ thanks to a Wonderful Mtg person at Wachovia in Manalapan. My closing Lawyer, (in TN realtor does the contract), handled it when we were still living in NJ.
My NJ lawyer told me to leave so these nuts would end playing lets make a deal. We did, he handled the closing with us in TN. My wonderful, and very patient NJ realtor made sure the pool filter was running, and house was ok. The nuts made her do the walk thru at 9pm at night, Crazies.
We finally closed 3 weeks later , Contract @484,000, closing $464,000, but at least i was finished. BYW, their 2 Mtgs equal $450,000.
There will not be a house #5, I can't do this ever again. I'm here to stay.
Your Very Lucky. Other than my first closing, they have all been nighmares. That one I bought new, nothing to sell. It was only 2 months later than promised, but that is usual with a new build.
Here is my Lineup of Closing
Selling first house, easy, took 3 weeks and it wasn't a good market 16 1/2% interest rates.
Buyer was buying cash from sale of their home. Closing was adjoured 3 times because their buyers were short $. They finally closed 3 weeks later but they had to reduce their price $7000 to close. I gave up $1000 to get deal over with. (Mt Sinai, LI)
Closing on buy easy, they were relocated so house was empty. I got a Mtg deal from their company for 13 1/2% for 3 years, after the 3rd year I refinanced at 11% for 15 years. That mtg was almost paid off when I bought house #3. (Babylon, LI)
Selling 2nd house, 6 months with one really bad realtor, 3 weeks with the one that sold it.
Closing went fine on that house, no problems but buy on House #3 in NJ, No problem with sellers but the lawyers were fighting over a tiny parcel of land they sold at end of property to a builder. He needed it for access to 20 acres.
I didn't care about this land, but both attorneys sure did.
Lucky that NY state law gave you 10 days after closing to move out, because closing on 2nd house was 5 days later.
My lawyer was a Judge in Englishtown Ct when I moved, he still may be.
Selling house #3,( Manalapan, NJ) awful, 2006, dead market, Contract May, Close July 20TH-will be my Anniverary soon.
Buyers decided to do multiple inspections to lower the price from agreed price on contract. The house had a new Heating System,New siding, Roof, Deck.
They complained pool liner was old, but it had no leaks. Said windows needed replacing-They did open, and they knew the age when they purchaced house.
Countertops , Appliances in Kitchen were new, but 20 year old cabinets in excellent condition. They wanted us to replace. Come on, they bought the house that way or price would have been higher.
They found Water in Crawl. I said I would install 2 sump pumps, same as other neighbors had(Area had high Groundwater, all of Marboro and Manalapan do) They said French Drains were needed and that they were $15,000, I got an estimate for $6000, so that was bogus again.
Meanwhile, Contracts were different in TN so I had to close or lose the house.
I closed here 3 weeks before closing occured in NJ thanks to a Wonderful Mtg person at Wachovia in Manalapan. My closing Lawyer, (in TN realtor does the contract), handled it when we were still living in NJ.
My NJ lawyer told me to leave so these nuts would end playing lets make a deal. We did, he handled the closing with us in TN. My wonderful, and very patient NJ realtor made sure the pool filter was running, and house was ok. The nuts made her do the walk thru at 9pm at night, Crazies.
We finally closed 3 weeks later , Contract @484,000, closing $464,000, but at least i was finished. BYW, their 2 Mtgs equal $450,000.
There will not be a house #5, I can't do this ever again. I'm here to stay.
Diane G
i've bought and sold 3 houses - never a problem in any of those 5 transactions (along with 4 refis). things that make you go HMMMMMMMMMMMMMMMMMMMMM.......................
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