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I know many of you are enjoying this market but it's pissing me off.Now the sellers of the house we're trying to buy want to back out of the contract so they can move back in.
That's just horse hockey. Tell 'em "there is no backing out, a contract is a contract."
What type of incentive are they offering to keep you from sueing for specific performance? How much is staying in their house or making a contract they do not intend to keep worth to them?
This may be an opportunity for you to walk away from something and find something else. You can't know that till after the fact...sometimes years after the fact.
They offered us $10K to let them have it back, we were working on the cancellation contract that had a stipulation that if they resold for a higher price in 6 month, they owed us the difference (they never saw this piece). We never even got to give them the contract when their realtor came back and said he was sorry that they had freaked out and they really didn't want to move back so it's still ours if we want it.
We took a couple of days to look at other house and couldn't find anything we're interested in so we're going to stick with this one for now. We've told their realtor that they need to stop jacking us around or it's going to be more than $10K to get out of it in the future.
On the plus side the agreed to fix everything in the inspection report as well as a couple of things we didn't even ask for. The inspection came back great, only minor stuff and radon.
We will see what happens, we still need to get under contract here. We're at 23 showings, we have 4 buyers where we're in their top 2 or 3 that haven't made a decision yet and a buyer flying in tomorrow to look at it, so hopefully this is the last week. There isn't a compelling reason to buy quickly in our price range. Since we went on the market only 3 houses within 50K either direction have gone under contract in all of Highlands Ranch or Lone Tree. That's with about 10 on the market. That doesn't mean they're not buying elsewhere like Parker, Castle Rock or Littleton but this range isn't moving as quick as others. Per the post in the other thread only 20% go under contract in 7 days. I also get the feeling that the weather has had an impact on showings, only 1 all last week and 1 this weekend but we already have 4 set for today and tomorrow with a couple of additional 2nd showings.
I thought until all parties signed the contract it was not binding? Did both parties sign? I may be mistaken.Originally Posted by TRnCO
That's just horse hockey. Tell 'em "there is no backing out, a contract is a contract."
Griff
Nature or Nurture
Oh yeah a contract is binding. The sellers normally have nothing to lose is the issue. But is looks like they want to stay really bad if they there offering 10 g's for him to walk away.
I'm going to chime in with my experience so far...
The offer I accepted was an "as is" offer on the house unless there were safety issues such as CO2 leaking from the furnace...etc.
Got my inspection report from the buyers with 7 things they want me to fix with the house in order to continue with the process. None of the stipulations they have are safety related. So they question is... do you tell them to shove it? Fix only a couple of things? Fix all of them?
They heard about the Elizabeth get together/shoot and wanted to attend.
Late you confident you could sell the house if they back out? And confident they aren't safety issues or possibly could be? What is the potential $$$ out of pocket and is it worth it to you? If it is little money I would just get it done or tell them you will split the cost or something. If it is a big amount then tell them that isn't what they signed and you have no obligation.
Just sounds like a last minute "let's see what we can get away with" negotiation attempt. Doesn't make the buyer a horrible person, but as long as the above is documented in writing I would stick to your guns per that original agreement as you're not obligated to do otherwise. Agreeing to fix anything could result in unexpected costs or delays toward closing.
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