Seller backing out of an accepted offer

13 Replies

I'm looking at a situation where the seller is trying to back out after he has accepted my offer but I would like to proceed with the transaction.  Has anyone encountered a situation like this?  What was your experience like and what did you do?

Thanks!

Read your contract and consult your attorney.  Here in Florida, you can sue for "performance" of the contract.  However, here in Florida we have "change of heart" where an owner occupant can change their mind on the sale of their homestead property.

have you lost any money? if not move on. if you have, consider how much it would cost to sue. buyers back out all the time. So the seller changes her mind, move onto the next one

Realistically...sueing someone for specific performance is a dead end. You are going to waste money on a lawyer, and time, and still likely not end up with the property.  Move on.

Originally posted by @Wayne Brooks :

@Charles Socci Can you give a reference for that "exemption/change of hear for homestead property?  Never seen it, don't believe it.

 It is one of the questions in the florida realtor exam.  They cover it in the class.  You can find it in the textbook.

Most CA contract have a liquidated damages clause. The buy and sell pick a number (5000) as the max either would get.

In my current house, I sued for improper disclosure disclosure about Moffett Federal Airfield This became an issue post 9/11 as there were tons of military flights  in and out. One noisey plan a week is a lot different than military planes/helicopter with no sound controls 24/7 365. I lost, it cost about $75 and was a good experience.

If it's a owner occupant and they want to stay.... I'd let em out. 

If its an investor I would expect them to know better. 

If the owner occupant wants out because they got a hire offer... I'd have an issue with that. I would try and get them to sign something letting them out of the contract but giving you an option to purchase if they decide to sell within 6 months. (Talk to an attorney) 

Originally posted by @Charles Socci :
Originally posted by @Wayne Brooks:

@Charles Socci Can you give a reference for that "exemption/change of hear for homestead property?  Never seen it, don't believe it.

 It is one of the questions in the florida realtor exam.  They cover it in the class.  You can find it in the textbook.

 I've got to call foul on that one.  Probably 80% of the listings we deal with are homestead, and I think not only would that be refernced in the right of specific performance section in the FARBAR, I would have been made aware in the couple of specific performance threats I've been involved in.

Originally posted by @Wayne Brooks :
Originally posted by @Charles Socci:
Originally posted by @Wayne Brooks:

@Charles Socci Can you give a reference for that "exemption/change of hear for homestead property?  Never seen it, don't believe it.

 It is one of the questions in the florida realtor exam.  They cover it in the class.  You can find it in the textbook.

 I've got to call foul on that one.  Probably 80% of the listings we deal with are homestead, and I think not only would that be refernced in the right of specific performance section in the FARBAR, I would have been made aware in the couple of specific performance threats I've been involved in.

 Well, I am sitting on my couch and my Bob Hogue textbook is in my office across town, sitting dusty on a shelf, so we will just have to agree to disagree, but if you think it would be useful in your business, you can look it up there.  I have seen it happen before, once in a divorce situation.  The sellers "made the buyers whole" by reimbursing them for appraisals, survey, etc., and got off the hook.

@Charles Socci Yeah, don't even know where mine is. I'll ask around about it, I'd like to think I'd know about such a glaring loop hole.  The buyer of course, always has the option of just "being made whole", which is usually the wisest choice anyway.

It is hard to force people to do something they do not want to do, even if they said they would do it previously. Maybe you can try to negotiate reimbursement of inspection fees and such for releasing them from the contract but I would not even count on that. I would dig a little deeper to find out the real reason for backing out. Maybe there is an opportunity to work something out that is still win-win. 

I agree with Darin. If you can find out the reason, you might be able to salvage the deal. I would not sue for specific performance in most scenarios. Lawsuits are stressful and time consuming. As another poster stated, often it is best to move on.

Originally posted by @Hai G. :

I'm looking at a situation where the seller is trying to back out after he has accepted my offer but I would like to proceed with the transaction.  Has anyone encountered a situation like this?  What was your experience like and what did you do?

Thanks!

Did he accept the offer in writing?  I have seen people walk on deals all the time. 

Mark