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How do I get out of a Real Estate Contract?

On June 23, 2009 / By Real Estate Law Help / In Real-Estate-Contracts

I need to know how to get out of a real estate contract. I signed with an agent to buy a home if they could sell mine.We agreed on a price I would buy the house for and a price I would sell mine for, but now the Realtor wants me to lower my price after we agreed to a selling price.

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3 Responses to “How do I get out of a Real Estate Contract?”

  1. David_Z said:

    Jun 23, 09 at 2:55 am

    The purchase agreement you entered into must have had a date you had to sell your existing home for? Once that date expires the agreement is no longer valid.

    Tell the realtor no on reducing price and tell them you wish to terminate the existing purchase agreement because you cannot sell your home in this market for the price you need.

  2. Steve_D said:

    Jun 23, 09 at 2:36 pm

    Just refuse to lower the price. Somewhere in the contract you signed will be a contingency stating that you won’t buy the house until you sell yours. be honest with the sellers and say that there are no offers on your house and that you can’t lower the price any more than it is. Give them the option of releasing the contract based on the contingency. Otherwise, you risk losing the earnest money you placed and possibly a suit for completion of contract.

  3. goz1111 said:

    Jun 23, 09 at 4:40 pm

    You need to re-read the agreement you singed, an what does it say about you lowering your price, if silent, then you are in the driving seat, politely tell the agent you need price x, which both of you agreed to list at, if the market does not bear price x, then you choose at this point not to lower price,

    Absent something in the agreement your refusal to lower your asking price does not equate to you breaching the agreement, so let your house sit at price x until the contract with the realtor expires then you are free to go on your own way

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