Profile picture for user3234126

I'm a buyer with a signed contract. Seller wants more money and has asked us to back out. Options?

**Seller needed to sell the house by the very next day we signed our contract, otherwise the house was going to auction.  The sellers realtor did not get the paperwork turned in to the appropriate people in time so the auction started to take place.  However, the seller went before the judge herself while the auction was taking place and told the judge that she had a contract on the house (our contract).  The judge cancelled the auction (which Wells Fargo would have won)  The seller thanked my wife and I for saving her from foreclosure and losing it to the bank and possibly ruining her financial future.
  • June 24 2013 - US
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Answers (3)

Profile picture for wetdawgs
What a sleezy seller.

 I'd threaten to call the judge who cancelled the auction and be ready to call an attorney.



  • June 24 2013
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I don't know what state you're in so I don't know the terms of your contract, but chances are the seller does not have the right to cancel which we can also infer from the fact that the seller is asking YOU to cancel the contract. You can move forward, but just make sure you keep on the seller to perform on their contractual obligations. If they want you out, they may not make it easy on you. And I wouldn't expect them to agree to any repairs, etc. 
 
I'm guessing that this is not a short sale, because if it was, the seller would not be as concerned with the sales price. If in fact it is a short sale, you would just want to make sure that the listing agent is moving forward with the short sale process, and submits your offer to the bank.

At some point, you may decide the house is not worth it, if the seller continues to drag their feet or doesn't allow you on the property for inspections, etc. Or if you love the house like there is no other, you may want to consider a last resort of taking the sellers to court or mediation/arbitration if it's built into your contract.

Good Luck.
  • June 24 2013
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Profile picture for Outer Banks N C
So now the seller wants more money and wants you out?? I am confused. It sounds like you need to walk away on this one.
  • June 24 2013
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