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In a contract to sell a house, is it usual to make the sale contingent on the seller finding a suitable replacement house?
I have a neighbor who signed a contract to sell her house with the intent of downsizing and getting some cash, but everything she's seen would cost as much or more as she's clearing from her house. The realtor encouraged her to wait until after her house was under contract before doing any house-hunting. My neighbor is an elderly widow who does not deal well with financial matters. At this point she just wants to cancel the sale and stay in her house, but I guess that may not be possible.
Yes, its very common (at least here) to be able to shop for a home with your home already sold. If her agent wrote the contract contingent on seller finding home of choice, she's fine.
Yes, its very common (at least here) to be able to shop for a home with your home already sold. If her agent wrote the contract contingent on seller finding home of choice, she's fine.
Sorry, I didn't make it clear. The contract does not include anything about that contingency. I wonder if that's grounds for her to get out of the contract, or maybe take action against the realtor.
The market here in DFW (and many areas of TX) is so hot and prices gone up so much people are having trouble selling and getting into a smaller home.
Finding a replacement downsize home can cost more than what you are selling.
The agent gave the lady really bad advice in a hot inflationary market where many homes get 3-15 offers in just days.
She needs to consult an attorney if she wants to cancel the sale. Can't force someone to sell their homestead but she could get sued.
The market here in DFW (and many areas of TX) is so hot and prices gone up so much people are having trouble selling and getting into a smaller home.
Finding a replacement downsize home can cost more than what you are selling.
The agent gave the lady really bad advice in a hot inflationary market where many homes get 3-15 offers in just days.
She needs to consult an attorney if she wants to cancel the sale. Can't force someone to sell their homestead but she could get sued.
That's exactly what has happened here (San Antonio, near downtown). Good to know about the homestead. Suing her will get them nothing.
The buyer is a local investor who flips houses, but she only does a few at a time and does beautiful work. She has a good reputation around town. I'm thinking my neighbor should just ask her to cancel the sale and in exchange my neighbor will sign a contract guaranteeing to sell the investor the house at the same price when she dies or is no longer able to live there. All she wants is to stay in her house, and she's well into her 70's.
Sorry, I didn't make it clear. The contract does not include anything about that contingency. I wonder if that's grounds for her to get out of the contract, or maybe take action against the realtor.
Everything in the contract is negotiable. You think she has the right to take action against the Realtor because she didn't think to try to include something in the contract that would probably not have been agreed to in the first place?
It's rare that a buyer would agree to spend inspection money and appraisal money and other money on a house if they don't even know they could purchase it because a seller would have a right to terminate if they don't find a house to move to. That's ridiculous.
Your friend shouldn't have put the house up for sale, or she should have prepared herself to move to temporary housing while she looks for something permanent.
She needs to consult an attorney if she wants to cancel the sale. Can't force someone to sell their homestead but she could get sued.
Is that a Texas thing? Can someone really break a contract--and not be subject to a call for specific performance--just because it's their homestead? That would include most houses that are for sale.
Is that a Texas thing? Can someone really break a contract--and not be subject to a call for specific performance--just because it's their homestead? That would include most houses that are for sale.
The South and West US has some pretty strict Homestead Laws (from the Spanish) that limits someone taking or forcing the sell of your Homestead. I've always heard you can't be forced to sell but could be sued for damages.
Almost all sellers desire to sell and the transaction goes through smoothly. The threat of a lawsuit highly encourages sellers who start getting cold feet.
This is fairly rare but are the things that keep lawyers in business.
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