Legal Question in Real Estate Law in Texas

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?

Texas seller

Asked on 12/12/12, 6:39 am

2 Answers from Attorneys

Donald McLeaish McLeaish&Associates;, P.C.

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 the cost of a lawyer would be necessary to get out of the contract...if possible

Read more
Answered on 12/12/12, 7:21 am

Joseph A. McDermott, III Attorney at Law

It all depends on what the contract says. You should have it reviewed by a lawyer.

Read more
Answered on 12/12/12, 12:29 pm

Related Questions & Answers

More Real Estate and Real Property questions and answers in Texas