We put our house on the market anticipating a relocation would be coming through. The relocation plans changed, so now we are not moving. I have a contract on the house, buyers finished their inspection and asked for repairs (addendum). What is my best strategy for getting out of the contract? Do I just reject the addendum and hope they walk, do I have the right to cancel the contract?

That depends a lot on your level of honesty and personal integrity.

You have a contract and that is your word. Your intent in that contract was to sale your property. If it did not have a contingency that the sale would be terminated if the transfer did not take place, then the contract is binding.

How would you feel if you were the buyers, had selected the house, spent time and money on inspections, appraisals, surveys or what ever only to have the sellers have a change of hart... for any reason.

If you value your personal integrity and If the repairs are reasonable, then you should make them and move on. If the repairs are unreasonable then identify what you will and will not repair then the ball is in the buyers corner where they may elect to make them or withdraw.

In all probability, if your actions do not appear reasonable... you will probably have a Demand for Specific Performance made in the form of legal action by the Buyers. If your honest at those hearings... it is most probable you will be required to live by your contracted agreements, as you know you should be.

The other alternative, is or should be obvious. Advise the Buyers of your situation and attempt to work something out that is mutually beneficial and acceptable to both parties. You obviously should reimburse them for any cost they have expended plus something for the inconvenience.

Dishonest and underhanded dealings in using "repairs" as an "excuse" has a very high price.... your personal integrity which ... be assured... will become widely known.



[This message has been edited by Realty Check (edited 07-18-2004).]