Legal Question in Real Estate Law in California
Can home seller back out after accepting offer?
On 10/28/2004 I accepted a full price offer to sell my home.The offer was on the standard CAR form for single family dwelling, subject to buyer getting a loan and the appraisal coming in at the loan value.This will be a 45 day escrow.
Since that time I quite honestly have been in a state of panic, because now it is sinking in that I could be out soon.My personal financial situation has a lot to do with my feelings, I am way upside down with credit card debt which the sale proceeds in no way will come close to eliminating.
Prior to listing the home, I saw a bankruptcy attorney who said I'd have to go chapter 13 due to ''excess disposeable income'' but that my home equity is under the exemption amount.
I have made a mistake in listing this home and accepting the offer and now am looking for a way out. The buyers have not obtained a loan yet, and have until 11-15 I believe to get one or else the deal is off. I have insisted that no seller paid inspections etc be done(i e termite,etc) till we find out the appraised value.
Should I sit tight till then? I understand I can't be forced to sell this home if the appraised value is low, but what if it comes back at the right amount.
Chapter 7 bk is my ultimate goal here.Thanks.
1 Answer from Attorneys
Re: Can home seller back out after accepting offer?
You CAN be forced to sell if the appraisal comes back low. You CANNOT be forced to sell at the appraisal price. If the buyer is willing to pay the higher amount, then he can still force a sale.
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