can a privet seller back out of selling their home to a privet buyer after signing a purchase agreement?
I signed a contract to sell my home. No agents were involved. The Buyer for 3 months had been waiting a loan approval. The contract was signed with a closing sale agreement to be on or before "Pending Bank". Now the buyer informs me there loan has been approved, Yet I must wait for bank to inspect my house before the buyer will pay. I have aloud the buyer in my home 4 times for inspections to evaluate there added after buying expenses. I've been turning down many higher cash offers to help the buyer, I do not wish to be a "blank", I've been trying to sell this buyer so I can relocate for better employment. If they do not hurry as they claim there loan was approved. Can I give the buyer there ernest money back and sell to another party with cash offer if the price is same or higher?
2 Answers from Attorneys
This shows the value of professional realtor..with whom u could have negotiated a fee....IMHO your buyer has control and u are probably stuck with contract ....as the cost of a lawyer would be necessary to get out of the contract...if possible
It all depends on what the contract says. You should have it reviewed by a lawyer.