What to do when the owner backs out???

General Real Estate Investing
1

Hey!

I have a property under contract - but just a “Puchase of real estate offer” - where we (the owner and I) agreed about the price, terms - that would be “specified in more details on the contract, that will be written later”, and of course, including the earnest deposit.

Now, they backed out and their realtor (apparently they signed a contract of service with a realtor - fact that is new to me, since they told me they hadn’t sign anything with an realtor).

Well … I just wanted to know what would you do now? I still have the offer, where they accepted it and signed it - and it is still valid for another 30 days.

I’ve dealt with this before - I guess I got Lucky on my previous deals. :smiley:

What specif power does this signed offer has? IF it is true they signed something with a realtor before they signed the offer wih me, does it null my offer, because we did not go through their realtor? (BTW I found them on the internet - FSBO web site or something to that effect…)

thanks for your help!

2

Go to your attorney and ask him. He gives great legal advice. As far as I know, none of the posters on this board are attorneys.

3

That depends on your contract. For discussion’s sake, I’d say that my first impulse would be to make sure that I was not in breach of contract in any way, and that the seller is, of course. If that is the case, then I would investigate the idea of suing for specific performance against the seller. DO see an attorney before doing ANYTHING.

4

definatly speak to an attorney, but if the contract is correct and solid, you should be able to sue for specific perfomance. The Sellers may have just added some fee’s to their side. Too bad for them.