Legal Question in Real Estate Law in Pennsylvania
Back out on Agreement of Sale for House
My grandparents house has been on the market for a few months after my grandmother passed away in 2008. In the last week a couple made an offer on the house for $20K less than the sale price. They selected 1/20/2009 for settlement.
Today (1/15/2009) my sister decided she would like to purchase the house. She has made an offer on the house for $5K over the original offer.
Is it too late for our family (the seller) to back out on the original agreement of sale which is less than one week old?
1 Answer from Attorneys
Re: Back out on Agreement of Sale for House
You asked about backing out of an offer for the sale of a home.
It depends on where you are in the process and what your contract, if any states.
The sale of a home actually takes place the moment an offer is accepted. A closing is merely the formal transfer of ownership for transfer of value.
If the offer has been accepted an the buyer is intent on acquiring that property then there is actually very little you can do. THe saller can sue for specific performance and unless you can identify a breach of the agreement on their part they will win.
One thought is that you can ask the seller if they would be willing to back out to allow the family member to buy the home. They could agree to do so for no consideration, or they could refuse. You can also offer to buy them out of the contract. In other words, pay them to walk away from the purchase.
This is not something you or your real estate agent can handle without an attorney. You need to have an attorney negotiate this for you and prepare the agreements.
Regards,
Roger
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