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Todd H.
 
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Default Seller wants to cancel after agreement expires, buyer does not

"Ed Roberts Jr" writes:

We signed an agreement to sell our house in June without a realtor's
involvement, and now we think we sold it for too little.


Uh oh.

It's now almost a month after our second scheduled closing date
(after signing a written agreement to extend it once). We have
called the escrow company a couple of times since then to cancel the
sale, and they agreed that we are no longer obliged to sell the
house, but they couldn't release the earnest money unless the buyers
also agreed to release it.


They are covering their ass there likely.

The buyer just called me an hour ago to say that the loan has funded
and the sale has been recorded, and he wants the keys. Of course, this
is the same guy who has been promising the moon for the last several
months. I have heard nothing from the escrow company.

What is our best option to cancel the sale and list the house if what
the buyer says is true?


Sounds to me like the sale may have closed. You'd have to buy it back
from them.

These are definitely questions for your real estate attorney or
realtor if you have one for those sales. If you don't have a real
estate attorney, sounds like you need one asap. They are typically
some of the best money you'll spend in a real estate transation and
are pretty reasonably priced.

--
Todd H.
http://www.toddh.net/