Question: My wife and I are selling our home and now my
wife has changed her mind about moving. We have a signed sales contract, with
earnest money, between us and the buyer. Is there any way to back out of the
sale?
Answer: To start, sales agreements can fall through
due to reasons of financing, condition, title, etc, so the deal could still
fall through. However, if the buyer has a valid purchase agreement accepted by
both you and your wife, and it sounds like they do, then you are expected to
work in good faith to fulfill your end of the agreement.
It may be that the buyer would accept a cash buyout to discontinue
the purchase. However, you need to consider that the Brokers involved have
found a ready, willing and able buyer and are likely to be entitled to a
commission for their work. If you simply refuse to complete the transaction,
then the buyers may sue for damages as well as “specific performance,” a
requirement to complete the sale. We suggest that you speak to an attorney.
Question: I recently sold my home.
The buyers have applied for a loan, but the Broker refuses to give me a copy of
the appraisal. As the seller, shouldn’t I get a copy?
Answer: No. The appraisal was ordered by the lender and paid for by the
borrowers. As long as the loan is approved, it’s none of your business.
However, if the appraisal comes in below the sales price and the purchaser asks
you for a price reduction, you would then be on good grounds to ask for a copy.
E-mail us your Real estate
questions at: Cathyah@aol.com
