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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 24612
Experience:  14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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The potential purchaser for our house accepted our counter-offer.

Customer Question

The potential purchaser for our house accepted our counter-offer. We feel our selling agent pressured us into accepting a lower offer than we initially stated. $520 is county assessment and we dropped to 499, after much pressure from agent. Then FTER BEING TOLD THAT THE market was only willing to pay 470, we re-countered with 486. The truth was that we did not think according to agent that it would "fly" and we planned to cancel our listing agreement with selling agent. well, the purchaser accepted it.

My husband has developed some medical issues and we would like to wait a year before moving on. Is there anyway to get out out of contract, we have not not signed final acceptance agreement.
Submitted: 1 year ago.
Category: Legal
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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When you countered at 486 did you do so in writing or was this a verbal offer?
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Has the buyer communicate his offer to purchase in writing?
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Is there anything signed by you stating you offered the property at 486 that is also signed by the buyer?
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Thanks
Barrister
Customer: replied 1 year ago.
Yes we docusigned the counter of 486, which the buyer is now docusigning back to us. Her offer of acceptance.
Expert:  Barrister replied 1 year ago.
Ok, I hate to say it but once you made the signed counter and the buyer accepted it, a binding legal contract was formed. The only way you could cancel it now would be if you were to revoke the offer before they actually signed off on it. Once they sign it, it is binding and enforceable.
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With that said, if you told the buyer that you were breaching the contract and were not going to sell, then their recourse would be to file suit against you for breach of contract and "specific performance" to get a judge to order the sale to go through. This would likely cost the buyer at least $5,000 if not more to pursue this. So rather than do this, they might be willing to cancel the contract if you offered them some type of liquidated damages to essentially buy them out of the contract. However, you never know, they might simply be willing to cancel the whole deal rather than incur the costs of filing suit and being involved in a year long battle to get the house.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister, Attorney
Category: Legal
Satisfied Customers: 24612
Experience: 14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
Barrister and 13 other Legal Specialists are ready to help you
Customer: replied 1 year ago.
Does the fact we feel we were highly pressured and coerced by our listing agent and told that he did not believe the purchaser would accept the offer, but he needed something to end the contract and take it off the table, so he could continue showing.

We were beat down.
Customer: replied 1 year ago.
is there any recourse if we feel our real estate representative, rather than protecting our interest, continually stated property was not worth county's appraised value, and we should settle for around 475, so we wavered on our original price, and signed contract believing his statement of it would not fly and only needed to close action.

I suppose, it only means a civil counter-suit against realtor after closing?
Expert:  Barrister replied 1 year ago.
I suppose, it only means a civil counter-suit against realtor after closing?
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Honestly, with the state of the real estate market now, unless you got a current appraisal done on the property that showed it was much higher than the 475 the realtor stated it was worth, it would be hard to sue the realtor. From a purely legal perspective, he would say that his estimate of the value was based on other comparable sales for similar properties and that the ultimate decision to reduce the price was yours.
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As a Realtor myself, I often pull "comps" to give to people to show them what similar properties are selling for when they are considering pricing their property. So if the property was reassessed back in the 08-09 boom when prices were at the peak, then the assessed value may not be indicative of its actual market value. CA is running into this problem where houses skyrocketed during the boom and now the homeowner is paying taxes on a house that is actually worth only about half of what it is assessed for.
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Thanks
Barrister

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Barrister
Barrister
Attorney/Landlord/Realtor
6894 Satisfied Customers
14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs