More details to this question:
I have sold my home just couple days after listed. It went through so fast and we just realize we don't want to sell it anymore . My kids love the house and crying when they know they will be leaving. Also, I plan to move to my relative house but decice not to due to someone smoke inside the house and that will be very bad for my kids' health. We really have no place to go after the settlement. Can I cancel the contract and how much penalty I will have to pay to keep the house for my kids? Thanks so much in advance for your help.
1 ANSWER
Ouch. You are obligated to sell and if you don't, not only can you be sued and forced to close, under most contracts you would have to pay the legal fees for both sides and the real estate commission. Double ouch. If your contract was contingent upon your finding another house, that might be an angle but you should have a lawyer look at your contract ASAP.
Assuming the contract provides no help, about all you can do is throw yourself at the mercy of the realtor and the buyers, explain the situation (emphasize the kids being upset)...and hope their loan isn't approved, maybe offer money to the buyer to buy your way out. Good luck.
Answered on May 23rd, 2013 at 5:08 PM