say the inspection time is running down and i couldnt find a buyer, how do i offically void this contract so i wnt end up being stuck with this property.
If you are on the deed, you own it. If you don’t take over the payments per the agreement with the owner and I was the owner, my first stop would be a visit with the consumer protection division of the Attorney General’s office to discuss any violation of the consumer protection laws for your state. If I were the bank attorney and found out about this deal, I would be looking at you for any deficiency in the property sale, and they will find out if the property goes into foreclosure.
If you aren’t on the deed, you can just walk away. If not, you can call the we buy houses people and let them negotiate a short sale for the owner.
Just send a notice of termination letter to the seller (and title co.) if there is one. CM/RRR, something like:
NOTICE OF TERMINATION
This letter is to inform you that pursuant to section _____ of the contract dated _____ between [seller] and [buyer], [buyer] is terminating the contract. Please direct the title co. to return the earnest money to me as soon as possible.