Profile picture for user1597048

Getting Out of Purchase Contract - Contingent on Selling Existing home

We have a purchase contract in OK with a contingency to sell our home expiring in 90 days.  We are half way through and have decided not to buy the property (estimates on updating the property came it much higher than we anticipated).  Our existing home is listed & we have not received an offer - is the only way to get out of the contract to wait it out (and not take any offer on this home) - or if we decide to break the contract and forfeit the EMD$ - would they be able to sue for more damages - just want to confirm what our realtor is telling us...thanks much!
  • August 07 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for user1597048
Rita,
The listing agent for the home we are buying is not actively showing.  The listing is active on MLS - but I don't they are trying to sell.  It was our understanding that we could reject any offer (even full price) - to keep us from selling our home - is that not true?  We are half way thru - contract expires 9/28.  Thanks!
  • August 07 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Rita Walker
How long has your home been on the market?
Is the listing agent for the home you are buying still showing the home to prospective buyers?

You may want your agent to contact the listing agent to let them know the sale of your home is not going well and that they may want to enlist other offers.
Just maybe they will accept another and get you off the hook.
But watch out, the other agent may bring a Buyer for your existing home.

Damages or not, 90 days is a long time to keep someone from being able to sell their home.
  • August 07 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user1597048
Thanks for your prompt reply.  This was a strange deal and we have already had the inspection part of the contract go through  - so no hook there.  The only contingencies left is selling our existing home (which we most likely would just sit on) or appraisal (which we don't want to spend the $ for and risk it not being below our $).  We were just wanting worst case scenario if we broke the contract prior to the expiration for not selling our home.  (Just not sure we are getting straight answer from our realtor.)
  • August 07 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Did you have an inspection contingency on your purchase? If so, you should be able to cancel provided you did not remove it.

REgarding the EMD, I don't know about OK but in CA, buyer and seller usually sign a clause that restricts damages to 3% of purchase price, tops. Even that is not automatic when a buyer walks. Seller needs to show actual damages.
  • August 07 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.