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Atlanta Georgia RE Questions & Answers

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Q. We were set to close and the seller now wants to set up a new closing date. Can I get them to come down off the price of the house and anything else you think that would help me?

The seller may have had legitimate reasons or perhaps not. You can attempt to renegotiate the price if you choose to, and this can be looked at several ways. Once you make your offer to purchase the house at a lower price, this can be looked at as a new offer, which can nullify your original offer.

Most likely, you are going to just have to decide whether you like the house enough to go ahead with the purchase.

Q. I agreed to buy a house and now I've changed my mind. How do I cancel?

This may not be the answer you were expecting...

For the answer to this, you have to look at your contract. The contract is the legal agreement you have made with the seller. Most contracts have certain contingencies where a cancellation is acceptable. To cancel for reasons other than that, there are often consequences and such a decision should not be taken lightly.

Keep in mind that while you have been preparing to close the transaction, the seller has taken his home off the market and may have entered his own contract to purchase a home. This can create a chain of sales and purchases, all depending on you to fulfill your obligation. If you do not fulfill the contract, your decision may affect many more people than just one seller.

For the legal consequences of canceling a contract, you may have to consult an attorney.

Q. My husband and I have already signed a contract to sell our home. However, we have since changed our minds and no longer want to sell. Can we get out of selling our home?

First, look at the contract and see if there are any contingencies that allow you out of the contract. You can always decide not to sell.

You just don't know exactly what the buyer's reactions are going to be. You don't know if they will attempt to enforce the contract. You don't know if there will be legal repercussions. You might want to get an attorney's opinion at some point, since we do not provide legal advice.

If you do cancel, think about ways to soften the blow to the potential buyer who has put up an earnest money deposit, may have already paid for a credit report and appraisal, and may be charged a cancellation fee by the settlement agent. They may have already given notice (if they rent) or sold their own house, too. If you reimburse them for some of their hard costs, maybe they will not try to enforce the contract.
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