Seller backed out of re-sale

[Yvonneb]

Has anyone had this problem before?? We were buying SSR, seller agreed to the offer TSS made on our behalf, already signed our contract, sent deposit in for escrow, and were just waiting for TSS to tell us we were all set.

Got a call last night from TSS saying the seller has backed out and will not sell to us. Funny thing is, seller is a real estate agent in IL, so its not like they don't know how this works! Now, we are back to square one. I've contacted an attorney, but not sure what recourse we have. Anyone else ever have this happen??

 

[Havana]

That's frustrating. What a waste of everyone's time. I'm sorry. Hopefully there is something better out there waiting for you.

 

[Yvonneb]

I'm looking right now- I hope I can find one!

 

[mphillips76]

Has anyone had this problem before?? We were buying SSR, seller agreed to the offer TSS made on our behalf, already signed our contract, sent deposit in for escrow, and were just waiting for TSS to tell us we were all set.

Got a call last night from TSS saying the seller has backed out and will not sell to us. Funny thing is, seller is a real estate agent in IL, so its not like they don't know how this works! Now, we are back to square one. I've contacted an attorney, but not sure what recourse we have. Anyone else ever have this happen??

I think there is a 10 day window where either party can decide not to go through with it...but as the seller why would they bother listing it and signing the contract and then NOT selling? Sorry and hope you can find another contract!

 

[cvjw]

I never had a seller to back out, but we had to back out as the buyers. It had been weeks and weeks, and the seller was dragging his feet. We backed out and got our deposit back, but not all of the time and energy that we had put into the contract already!

 

[LouisianaDisneyFan]

Has anyone had this problem before?? We were buying SSR, seller agreed to the offer TSS made on our behalf, already signed our contract, sent deposit in for escrow, and were just waiting for TSS to tell us we were all set.

Got a call last night from TSS saying the seller has backed out and will not sell to us. Funny thing is, seller is a real estate agent in IL, so its not like they don't know how this works! Now, we are back to square one. I've contacted an attorney, but not sure what recourse we have. Anyone else ever have this happen??

Did the seller sign the purchase agreement with your offer? Did you get a copy of this? If he/she did, then technically you could sue for specific performance... but that would be costly and time-consuming. My guess is that your seller noticed that resale prices are going up at the moment and he/she wants to get a better price.

We made an offer for a contract this past Monday and the broker recommended that we rescind the offer when she found out the seller's history. The seller had actually pulled out at the last minute two different times (in both cases after ROFR had already been approved!). Needless to say, we didn't want to sign up as heartbreak #3 for this rude and thoughtless seller, so we did rescind the offer.

I hope you can find just the right contract soon!

Evey =)

 

[Yvonneb]

The seller, after accepting the verbal offer, told the broker that they would not send their paperwork in. So, unfortunately I don't have anything signed by them. They even told the broker that they would not be paying the commission to them, even though they signed an agreement with TSS that stated they would.

Our thinking is the same - that they pulled out hoping they could get more $$$. I was told that TSS would not ever represent them again as a customer because of this, but that doesn't stop them from listing with another company.

I looked through the contract and there is a 10 day window for the buyer to rescind, but not the seller. What a waste of time and energy though!

We just made an offer on another property and I inquired about the seller's history (with my luck we'd be heartbreak #3!) and they said they had never had a problem with them. Thanks for telling me about your experience! I feel a bit better knowing that they don't have a history of pulling out, but there is always a first time.

 

[nyck]

That is horrible, but not surprising. At least you are looking early. Like I said in another thread, I wouldn't be waiting till the last minute to buy resale if folks are trying to get "grandfathered" into the current membership. Just because you pass ROFR by 03/20 doesn't mean you will make it to closing. People get behind on their dues or payments or don't realize they have to pay the entire years worth of dues in order to close. If something happens and the contract falls apart AFTER 03/20, your screwed (if you wanted the full membership).

 

[Sandisw]

The seller, after accepting the verbal offer, told the broker that they would not send their paperwork in. So, unfortunately I don't have anything signed by them. They even told the broker that they would not be paying the commission to them, even though they signed an agreement with TSS that stated they would.

Our thinking is the same - that they pulled out hoping they could get more $$$. I was told that TSS would not ever represent them again as a customer because of this, but that doesn't stop them from listing with another company.

I looked through the contract and there is a 10 day window for the buyer to rescind, but not the seller. What a waste of time and energy though!

We just made an offer on another property and I inquired about the seller's history (with my luck we'd be heartbreak #3!) and they said they had never had a problem with them. Thanks for telling me about your experience! I feel a bit better knowing that they don't have a history of pulling out, but there is always a first time.

I am glad that you found something better. It just tells you that the newest contract is the one that is meant to be and NOT that original one.

While it stinks that they backed out after accepting your offer verbally, at least it happened then, and not after a month of going through the process and them having them pull the contract.

Good luck with ROFR on your new one!!

 

[Mama2Matthew]

We had a seller back out after accepting an offer. In our case, the seller didn't realize how much they still owed on their loan. It was very frustrating at the time, but things ultimately worked out for the best in hindsight. I hope the same is true for you.

Jaime

 

[Yvonneb]

OK, the second offer was not accepted - apparently it had already been sold and was not marked in the system. We just made a 3rd offer on another one. Fingers are crossed! I would be more upset if it had been months down the line, not just weeks. The right one will show up.

I'm not to concerned about the grandfathered clause. We would just be using it for Disney, but that is the plan for now. Who knows if we will change in 10 years and want to use it for somehting else? I guess making sure we could use it for anything would be best.

 

[nukker7]

OK, the second offer was not accepted - apparently it had already been sold and was not marked in the system. We just made a 3rd offer on another one. Fingers are crossed! I would be more upset if it had been months down the line, not just weeks. The right one will show up.

I'm not to concerned about the grandfathered clause. We would just be using it for Disney, but that is the plan for now. Who knows if we will change in 10 years and want to use it for somehting else? I guess making sure we could use it for anything would be best.

I really hope this one goes well for you. You will not have to worry about the grandfather clause if this contract is accepted and sent to ROFR before March 20th.

Good Luck!!!

 

[Yvonneb]

Thanks!

 

[manning]

The seller, after accepting the verbal offer, told the broker that they would not send their paperwork in. So, unfortunately I don't have anything signed by them. They even told the broker that they would not be paying the commission to them, even though they signed an agreement with TSS that stated they would.

Our thinking is the same - that they pulled out hoping they could get more $$$. I was told that TSS would not ever represent them again as a customer because of this, but that doesn't stop them from listing with another company.

I looked through the contract and there is a 10 day window for the buyer to rescind, but not the seller. What a waste of time and energy though!

We just made an offer on another property and I inquired about the seller's history (with my luck we'd be heartbreak #3!) and they said they had never had a problem with them. Thanks for telling me about your experience! I feel a bit better knowing that they don't have a history of pulling out, but there is always a first time.

In real estate verbal doesn't mean a thing. It has to be a signed contract.

 

[briangib]

Good luck with your latest offer.

 

[Dean]

In real estate verbal doesn't mean a thing. It has to be a signed contract.

I think money must change hands also before it's truly set. The above is incorrect, only the buyer has the 10 day cancelation period. As for the commission, it depends on the contract. Since most listings are non exclusive, I doubt they have any recourse but even if they did legally, I doubt they'd pursue it more than a letter of F/U.

 

[manning]

I think money must change hands also before it's truly set. The above is incorrect, only the buyer has the 10 day cancelation period. As for the commission, it depends on the contract. Since most listings are non exclusive, I doubt they have any recourse but even if they did legally, I doubt they'd pursue it more than a letter of F/U.

Actually there are three parts, an offer, acceptance of that offer and consideration.

Usually earnest money is given at the time of the offer and satisfies consideration and also consideration can be where the seller takes the property off the market in reliance on the contract

 

[JimMIA]

I've had this happen both ways -- once with a seller when we were first buying, and later with a buyer when we were sellers. It's just the nature of the beast.

People have a right to change their minds within 10 days of signing a written agreement to sell/purchase. Most of the time, they go through with the sale; sometimes a buyer gets a higher offer or a seller finds a better contract, other times financial considerations they've never fully considered wake them up. I've even seen cancellations due to the costs of notarizing the documents (cheap in the US, but quite expensive in some other countries). It's unfortunate, but that recision period is an important protection for both sides.

 

[manning]

I've had this happen both ways -- once with a seller when we were first buying, and later with a buyer when we were sellers. It's just the nature of the beast.

People have a right to change their minds within 10 days of signing a written agreement to sell/purchase. Most of the time, they go through with the sale; sometimes a buyer gets a higher offer or a seller finds a better contract, other times financial considerations they've never fully considered wake them up. I've even seen cancellations due to the costs of notarizing the documents (cheap in the US, but quite expensive in some other countries). It's unfortunate, but that recision period is an important protection for both sides.

Ten days.....is this a Florida or timeshare law?

 

[jgdsoarin]

A similar thing just happened to us. We had been told everything had been sent to Disney for ROFR on our 1st offer and then got a call saying the sellers hadn't signed their papers. We backed out of that contract and immediately found one that actually worked better for us. We are in ROFR now on this second contract and crossing our fingers that it all goes through smoothly. I am a firm believer that things always happen for a reason. This just means the perfect thing will come along!