Selling FSBO and we want to break the contract

[mdbk]

What is the name of your state? Texas

We are currently under contract and due to close in two weeks. We were going to rent back from the buyers for ~ two months. We just found out that my current job is requiring me to stay for an indefinite period before transferring me to another division. Also, after meeting with our builder in the city we are relocating to over the weekend, we found out that our new home is at least 2 months behind schedule.
We would like to break the contract since we don't know when/if we are going to be able to move. We used a standard TREC "One to Four Family Residential Contract (Resale)" contract - see http://www.trec.state.tx.us/formslawspubs/forms/forms-contracts.asp.
Can we do this legally? Is there any way the buyer can sue us or pursue monetary damages?

 

[seniorjudge]

Q: Is there any way the buyer can sue us or pursue monetary damages?

A: Yes.

 

[mdbk]

Is there a good way to handle this to avoid litigation? How should we proceed?

 

[seniorjudge]

Q: Is there a good way to handle this to avoid litigation? How should we proceed?

A: Ask the buyers how much $ will it take for them to forget the whole thing.

 

[PghREA]

Too bad you don't have a Real Estate Attorney or Realtor to discuss this with.

 

[seniorjudge]

Too bad you don't have a Real Estate Attorney or Realtor to discuss this with.

But think of all the money they are saving!

 

[HomeGuru]

But think of all the money they are saving!

**A: that is until the Buyer sues for specifc performance then they will be paying legal fess and the cost of staying at a motel for 3 months.

 

[rburkhalter]

Real Estate Broker in Houston, Tx

Senior Judge is right in that you are going to have to pay them off to forget the whole thing...or risk being sued.

HomeGURU is right in that you should always have a real estate agent or attorney when dealing with transactions of this amount. I understand wanting to save commissions but look at what cost it may come to.

Quick question. You said that you used the TREC form. Who gave you a copy of these promulgated forms? You don't have to give a name or anything..just curious as to why whoever gave them to you did not help you prepare them.

Don't get me wrong, you can use them, but these forms are only supposed to be accessible by those of us licensed by the Texas Real Estate Commission.

 

[mdbk]

rburkhalter,
We downloaded the forms directly from the TREC website. They come as Adobe Acrobat files, and many FSBO sites link to state sites to provide the forms. However, we had been told about them by many other FSBO sellers we know.
I think we are just going to stick with the deal. Unless the buyers seem agreeable to a painless buy-out, I would rather pay for an apartment that deal with the legal headaches & costs.
I appreciate all of the advice and insight. I wish I had found this site sooner.

 

[HomeGuru]

rburkhalter,
We downloaded the forms directly from the TREC website. They come as Adobe Acrobat files, and many FSBO sites link to state sites to provide the forms. However, we had been told about them by many other FSBO sellers we know.
I think we are just going to stick with the deal. Unless the buyers seem agreeable to a painless buy-out, I would rather pay for an apartment that deal with the legal headaches & costs.
I appreciate all of the advice and insight. I wish I had found this site sooner.

**A: this is a typical case when Seller's act as their own agent and attorney.

 

[jahirsch]

REALTOR's advice

WOW, now I see why I believe in my profession! You most certainly CAN and most likely WILL be sued. If you want my advice, here is it........find another place to live until your new home is finished. Go rent an apartment for a few months. It will be cheaper then being sued. If Im not mistaken, you can be sued for treble (triple) damages. At least thats the law in my state. Many people are always under the false pretense that theyre saving money by not using a Realtor. In 9.5 out of 10 cases, its been opposite. I work with MANY fsbo's and have always ended up making them at least 10k. If putting a sign in your yard and an ad in the newspaper was the best way to sell your house, agents wouldnt exist. Theres a little food for thought. I hope next time you hire a professional.