CAN I BE FORCED TO SELL HOUSE? I signed contract THEN found out there were $10K+ in liens, so I will net less than $500!.
Some time ago my property must've ended up on the tax lien sale list. I assumed this because more than 1/2 dozen people called me within a few days asking to buy the property. I negotiated with a company and agreed to sign a contract. Later some one called and mentioned sending me a contract. I received a contract via email and signed it.
Later I realized the company whose contract I signed wasn't the company I thought it was. I figured it out when the lady was asking me questions about issues I thought we'd already discussed. I explained that she wasn't who I thought she was and she chuckled and we moved on.
During their due diligence they discovered $10K+ in tax liens. From what they tell me I'll net $392 from my house. They are insisting that I have to go thru b/c I signed. But I didn't realize I'd get so little after the sale. I'd rather wait for the market value to go up and sale it later. Or fix it up and get more money - or just wait until I have time to process everything.
They are being very aggressive & are pushing me constantly reminding me that I signed a sales contract.
Do I have to sale under these circumstances?
1 Answer from Attorneys
Generally speaking parties are free to enter into a contract at any price they agree upon, whether good, bad or in-between for a buyer or seller. When a seller agrees to sell property free and clear of encumbrances (liens and such) they usually are obliged to do so regardless of how big or small the liens might be. While distressing to barely break even or even lose money on a sale, the law does not typically factor in what a party to a real estate contract will make (or not) when deciding the validity of the contract.
If you have specific questions as to whether a particular contract is enforceable or not you may wish to sit down with an attorney who can review the contract and discuss the specifics of your case.
Please note that this general legal information is not legal advice. The particular facts of a specific situation may affect how the law applies to you.
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