gregorygarver.com

EMB · Joined: 16 Jun 2004 Posts: 2

We put an offer on a home in the begining of July. The house was listed at 249,500. We offerend 262,500 knowing that the house was very underpriced and there were 3 other contracts already on it. The couple that owns the housing is going through a divorce so legal issues came in to play and they have had court dates because the husband now wants to buy the house cause he yhinks its underpriced. Blah blah blah. they keep going to court to decide if they have to sell it or not. Anyway its been over a month, the next court date is on the 20th. We have since found another house that I actually like better. Can we cancel our contract being that it is taking so long, we don't want to lose this new house if we wait to long and the other one doesn't go through.

linkus861173 · Joined: 22 Jun 2004 Posts: 4

Most contracts are written with an expiration date and chances are you are well past that date. If so, you can walk away with a full refund of your good faith deposit.

smiling_freds_biz_info · Joined: 28 Jun 2004 Posts: 4

Check the wording of your offer very carefully. If in doubt, get an opinion from your Legal Advisor or you might be looking at 2 homes.

CraigT · Joined: 04 Jul 2004 Posts: 6

You don't HAVE a contract! A contract requires offer and acceptance, you have offerred and you don't have acceptance.

bostonianinmo7443 · Joined: 10 Jul 2004 Posts: 7

Where are you located? If you're in the UK you can back out at any time up to exchange of contracts. If you're in the US and the seller(s) have accepted your offer you are all now bound by the terms of the agreement. They must complete the sale regardless of the B/S going on with their divorce and you must complete the purchase unless one of your contingency clauses (financing, inspection, etc.) kicks in.

Jenn · Joined: 15 Jul 2004 Posts: 7

Talk to your Realtor and see or read your contract. I believe there is a clause in there talking about such issue.