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April 9, 2009
Can a Seller Change His Mind?
Just was curious whether or not a seller could change his mind after accepting my offer and signing the contract? Also my 10% deposit came out of my account today, but I just wanted to be sure. Also, I do have a fully executed contract. I'm just so excited that I got the deal that I want to make sure no one can take it from me now. Worked really hard and finally got something that I love.
Comments
If you have a signed contract and they change their mind, you can sue for specific performance.
Posted by: Boerum Hill at April 8, 2009 10:31 PM
i think until your check clears the contract isn't enforceable. check your account to see tht it's been deposited. This happened to me. The seller didn't deposit my check for two weeks, and said he was working on a better offer. I didn't counter offer, but just rode it out. Sorry if that's not the answer you wanted to hear.
Posted by: annieny at April 8, 2009 11:00 PM
Well my 10% deposit is out of my account, and more than likely in the seller's attorney escrow account now. I just got such a good deal, and I've been back and forth with the broker for weeks leading up to finally getting a fully executed contract. Just hoping minds cannot be changed, as I'm not planning on changing mine, and that's the reason I wrote a check for 10% of my offer on signing.
Posted by: Attention2detail at April 9, 2009 7:54 AM
Congratulations if it has gone through.
Is it the same place that you were discussing here?
http://www.brownstoner.com/forum/archives/2009/01/offer_accepted_1.php#comments
Are you able to share any non-attributable details (eg neighbourhood, size, price v original ask, comps, etc)?
Posted by: the chicken at April 9, 2009 9:37 AM
If both parties have signed the contract and deposit has been put in escrow you're in very good shape. Never a done deal 'til the closing but think it's safe to say that vast majority of problems occur before this stage.
Won't tempt fate by saying congrats, but I've been there and I tend to breath easier at this point.
Posted by: Johnny at April 9, 2009 9:40 AM
If the seller does change their mind, you can sue them for nonperformance and essentially force them to close. It would be a huge mess and take a long time, but the likelihood of the seller attempting to back out once the contract is signed and the deposit is in escrow should be quite small, unless the seller is an idiot.
Posted by: geekspice at April 9, 2009 9:54 AM
And, the seller will unlikely be able to sell it to someone else once the lawsuit is filed!!!
Posted by: daveinbedstuy at April 9, 2009 9:59 AM
The Chicken,
I remember that post. Well, I'm happy to say that is not the property that I'm in contact for. Got a stellar deal in the same area for roughly 20% off the asking price. House needs works but it has everything that I'm looking for, and I'm more than happy to take on the task. House is in PLG, and I found it simply out of frustration with the other crappy broker who couldn't get my deal going.
Posted by: Attention2detail at April 9, 2009 12:30 PM
This happened to a co-worker of mine. They put their house up for sale in anticipation of divorce. They entered into contract and reconciled two weeks before closing so decided that they did not want to sell. They were sued and the judge awarded the prospective buyer a very small settlement which I guess covered their expenses in attempting to purchase the house. No judge will ORDER someone sell you their home if they change their mind but the seller will pay for breaching the contract. Many things can and do go wrong before closing so hope for the best, you don't seem to have a reason not to but the house is not yours until the end of the closing. Good Luck.
Posted by: Chosen at April 9, 2009 1:45 PM
Welcome to PLG. It sounds like you worked hard to get here and I hope you will be as happy as we are. It is a great neighborhood and getting better all the time. We too put 10% down with our offer because we were so thrilled to get our house and wanted to lock the deal in tight. It worked out fine and hopefully it will for you as well. We are on the house tour this year so maybe we will see you here.
Posted by: LM at April 9, 2009 2:34 PM
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