TENNESSEE HOME TEAM, LUXURY HOMES & SUPERIOR SERVICE (Adaro Realty, Inc.)

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Rainmaker
882,439
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Daniel - This could be a sticky situation with your sellers since you already have a binding contract. The buyers might not be willing to allow the sellers out of the contract, or at least not without some sort of penalty.

Like William said, this could end up in court, and the sellers may end up having to sell.

Jul 19, 2015 11:46 AM
Rainmaker
5,571,848
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

this is why we make sure our sellers have an attorney representing them from day 1....we don't play attorney.... if I did play attorney, I'd say they could most likely be sued for specific performance and the courts would force them to stay with the terms of the contract, if the contract was written properly!!!

Jul 19, 2015 11:01 PM
Rainmaker
2,808,236
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

I agree w/ below statements, but this sounds like a weird statement.  I mean why did they want to sell?  Were they intending to buy or rent?  Didn't they look at prices?

It may be that the simplest solution is to find somethign they can afford to rent or buy.  It seems that they should be able to afford something.  (Please forgive my ignorance as I don't know your area and I'm not a real estate agent).

Jul 19, 2015 11:58 AM
Rainmaker
3,985,855
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I would first let the seller know that they could end up in court.  If that does not phase them...I would talk with the other agent and see if his clients are head over heels for this home or would they consider dropping out.

 

GOOD LUCK!

Jul 19, 2015 11:28 AM
Rainmaker
849,780
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

They should probably consutl with attorney. Maybe they can get out, but it could cost them. Or rent somewhere where they can afford rents.

Jul 20, 2015 01:44 AM
Rainmaker
4,098,282
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Time for a call to an attorney.  

Jul 20, 2015 12:54 AM
Rainmaker
1,459,527
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Daniel Hayes Tammy Lankford is right! It's time to seek legal advice. The buyer could sue for specific performance

Jul 20, 2015 12:14 AM
Rainmaker
4,041,554
Richard Weeks
Dallas, TX
REALTOR®, Broker

If your contract has a default paragraph I would point out that paragraph to the seller and suggest they see a real estate attorney.  Then I would tell the seller that I needed to advsie the buyers agent that she did not intend to sell.

Jul 19, 2015 10:07 PM
Rainmaker
606,010
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

I would try to find seller an affordable rental. Before you notify buyer, seller should get a lawyer. Have a talk with seller. Be empathetic it may just be seller's remorse.

Buyer can sue for specific performance. While seller may not be forced to sell it will probably cost them more then they think to get out of deal. You're also entitled to your commission.

Good Luck!

 

Jul 19, 2015 09:58 PM
Ambassador
2,759,387
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good  Monday morning Daniel.  it looks as if they should have thought about that before they put the house on the market.

Jul 19, 2015 07:07 PM
Rainmaker
2,445,886
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Daniel. These are never easy situations, the best you can do it meet with the seller and review all the possibilities and see if there is a solutions. If there is no resolutions, the other side needs to be notified as soon a possible.

Make it a great week!

Jul 19, 2015 06:44 PM
Rainmaker
396,124
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

The seller should be prepared to sell or make the buyer whole if the buyer agrees.  

If no agreement is met, the seller won't do any requested repairs and will try to kill the deal and cause the buyer to walk.

Jul 19, 2015 03:58 PM
Ambassador
3,038,910
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

in my state I would advise the seller to seek legal advice before telling anyone they did not intend to sell.  A buyer could sue for specific performance to an executed contract.  Might not happen, but could.  Therefore I think legal advice would be my recommendation.

Jul 19, 2015 01:52 PM
Ambassador
2,224,167
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

It sounds like the seller wasn't well educated up front. Your state may have a different rules, but in Colorado the seller isn't given too many "outs" in the contract. I don't know what your contract says. Is it a full price offer? Talk with your broker. 

Jul 19, 2015 01:50 PM
Rainer
215,693
Sharon Altier, SFR
Lawton Realty Group, Inc. - Elmhurst, IL
Your Real Estate Partner

I would refer them to their attorney, who can explain their legal situation.  Let the attorneys handle it.  You will need to address the commission issue with the attorney as well, since both agents are due commission. 

Jul 19, 2015 01:45 PM
Rainer
150,619
Ed Macias
Real Estate Teammates - Miami, FL
Miami FL-REO Property Management Multifamily

Better get an attorney

Jul 19, 2015 01:39 PM
Rainmaker
789,331
Bob Force (REALTOR®)
Weichert Realtors - Aspen Hill - Mount Airy, MD
The FORCE in Maryland Real Estate

Like and encourage to to tell the seller to consult an attorney.  

I have been told you cannot force (and I can use that term) a buyer to buy but you can a seller.  That is unless there is  a sellers home of choice contingency in the contract.

 

Jul 19, 2015 01:25 PM
Rainer
230,924
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

i have had them back out at signing. yes thats right. attorney time for sure. unless... buyer and BA say no issue and we will withdraw... is it possible that they see prices going up and want to relist later for more money?

Jul 19, 2015 12:43 PM
Ambassador
1,771,430
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Time to talk to an attorney. A contract is a binding legal agreement. I do not see it being easy to get out of.

Jul 19, 2015 12:27 PM
Ambassador
5,407,152
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Let them know that backing out at this stage will be costing them a whole lot more than high rent, including legal fees and real estate commissions.

 

Jul 19, 2015 12:00 PM