Contract question??

Hi if you are in contract for a house, can the seller say that (when something is going wrong) that they have other people intertested in the house???WHat exactly does in contract mean?? TIA!!!!!

Re: Contract question??

Basically the seller holds all the power & can back at any time--unfortunately it is very frustrating but all they have to do is hand you back your down payment. I would be made at whoever showed the house after you signed a contract. Usually a seller will not show the home once you are "in contract". How far along are you?

Re: Contract question??

A seller can't back out of a binding contract unless they take their house off the market. They are not allowed to entertain other offers once a contract is signed in order to drive up the price of the house. I would check with my lawyer.

Re: Contract question??

Maathy is correct. Unless the contract has a "kick-out" or "contingency" clause, the seller can't back out of the contract and sell to someone who offers more. A contract means that, you are awaiting a closing, both parties have agreed and you have exclusivity to the property.

However, should you not qualify for the mortgage or should there be any other problems, it could be in the contract that the seller has the right to break the contract.

Good luck!

Re: Contract question??

Technically a seller can accept all offers until you are at the closing table.

ETA: Most sellers won't do that because it is just plain wrong IMO but I guess there are people out there that will do anything for more $$.

Message edited 3/21/2006 8:39:01 PM.