Need Help!!. Seller does not want to sell anymore but contract was signed. What to do?

7 Replies

Hey,

I need help, I've been trying to purchase this property for almost a month, and now that we're set to close the seller does not want to sell anymore. We signed our contracts about a month ago, this week after the seller's REA said that the property had no liens, the tittle company found one. I told the sellers REA that it's okay, I'll handle the lien my self after closing. The REA created an addendum stating that i'll take care of the lien but now the seller does not want sign it or close and wants to cancel everything. Is there anything that I can do to force her to sell me the property. I know that there are laws that will protect me from her breaching the contract. The issue is the our contract expires this upcoming week. The property is a condo, so we're still missing approval of the association, does that force the seller to extend my contract by law. I paid the association extra $ for them to have the association approval before the contract due date, but I can tell them to delay it on purpose. I have to move by the end of the month where I live, and i need this to go through. I need suggestions on what to do? Has anyone dealt with anything similar? 

Thanks

Your own agent should be able to tell you....assuming you used agents, and the standard Realtor contract, you Do have the right for specific performance (paragraphs 15 and 16).  A delay in COA approval of you does Not automatically extend the contract.  If you can't get the approval in time, the seller is off the hook.  More importantly, Why does the seller not want to close?

Are you using a realtor? Does the seller have a realtor? Why does he not want to sell? 

Technically you can hold him to the contract but you have to perform. If you are going to want to "force" this transaction to go through I would get a lawyer!

I would echo the other people who have posted. Obviously something has changed in her life to make her not want to sell. I would try and find out what it is. Maybe it is something that can be worked out. Remember your reputation which is important in this business. Is the deal that good where it is worth the bad blood that may be created going through this? If I was in your position I would agree to release her from the contract if she agrees to reimburse you for your out of pocket expenses in addition to your earnest money.

No I'm not using a realtor, my believe is that the seller is holding off because she wants to sell the property for more. The sales price in our contract is 130k and there's one for sale just like it for 180k. 

Originally posted by @Account Closed :

No I'm not using a realtor, my believe is that the seller is holding off because she wants to sell the property for more. The sales price in our contract is 130k and there's one for sale just like it for 180k. 

 Don't ASSUME anything unless you can read minds.  Remind her of the "WHY" she wanted to sell it in the beginning.  I would try my best to build rapport.  I smell a rat though with her RE agent.  Interesting situation.  Please keep us informed.  Wish you the best.

I did smell a rat through the RE agent, she was the one that mentioned the other property for sale for 180k. At first when the tittle company found a lien, she was supposedly worried, I told her RE agent, that it was ok. To create an addendum that states that I would handle all the cost related to it. It's been 3 days since, what is there more to think?

This is paragraph 15 of our contract, I guess, I'm f-ed.

  1. (b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seller’s title marketable after reasonable
  2. 311 diligent effort, Seller fails, neglects or refuses to perform Seller’s obligations under this Contract, Buyer may elect to
  3. 312 receive return of Buyer’s Deposit without thereby waiving any action for damages resulting from Seller’s breach,
  4. 313 and, pursuant to Paragraph 16, may seek to recover such damages or seek specific performance.
  5. 314 This Paragraph 15 shall survive Closing or termination of this Contract. 

If something happens to the sellers life that makes them not want to sell I will often back off. To me it is only one deal and more deals are just around the corner. You have to decide how important is this property to you. 

If the seller just wants to get more money I will be a bulldog.  You can file suit for specific performance for not much money (Probably a few hundred bucks) and that will stop them from selling to anyone else.

I think you have been very generous by offer to pay the lien. And you may be able to use that as a negotiating point. Since he hasn't signed that addendum, If it were me I would withdraw that offer.  

Also be aware that agent cannot influence the buyer to breach your contract. That would be a big NO NO. (I am not saying the agent is doing that but I would be watching for signs of it)

The above is not intended as legal advice simply how I might handle a similar situation. I suggest you find an attorney to talk to.

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