Can I get out of this deal???

I wrote up a contract on June 1st, 2006. Mailed contract to homeowner and they signed the contract and dated it for June 27th…I may have paid too much and now because I can’t get anyone interested in assigning my contract to, I want to bail out of the contract. the homeowner didn’t sign anything else with me.
Can they sue me or make me close? I didn’t include any contingencies…

I know you are agonizing and dont’ wish to blame you.
Well, just wait and hope they will let it just slide. Establish good
relationship with them and tell them that you are trying to find
a cash buyer for their property. You can also tell them to go ahead
and market the property by other means and that you won’t
enforce your contract. Give it to them in writing. Tell them
verbally that you are doing so because for some reasons, the
buyers are picky about the location or the subdivision etc.

This way, they know that they never lost time and were never
given false hopes. You might come out fine.

Get an attorney to review your contracts or otherwise sit and
think of all the scenarios that could go wrong and put it in the
contract. Never write a contract without contingencies. I can
think of several.
Subject to - financing, bank accepting short payoff, inspection,
environmental hazards, …

Good luck

yeah, you contracted to buy the house. that is what they expect you to do. if you do not you are in default of the contract, and will have to remedy as the courts see fit if in fact you do not comply. that is what a contract is, not a “I think i might make some money if this goes my way deal”. what did you thinking you were doing?

I agree, where are your escape clauses? Why did you let them take so long to sign? You could always offer them a bit of money to let you out of the deal - or renegotiate the price down (IF … you had a clause stating that which you didn’t). Always cover yourself so you can get out of a deal or renegotiate if repairs or other items come up that are costly or unexpected. I doubt they have the money to sue you or they wouldn’t be selling their house to you.

Was this a standartd Purchase agremeent that you sign in. If that is there is always a finance contigent otherwise u better find the way to negoiate this with very humble way. Good luck

Time to start mitigating any losses to the seller NOW. Don’t make them pay for your bad number crunching. You just bought some education like all of us have at one time or another. As another poster mentioned, see a lawyer and get some clauses baby! Get yourself some clauses…

any advice on what I should tell the seller?