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#462583 - 10/05/18 05:08 PM Buy out a Contract
Berg Offline
Junior Member

Registered: 10/05/18
Posts: 1
Loc: MD
My wife and I are interested in purchasing a property; however, it went under contract before we could put our offer in. Is it possible to buy out the buyer’s contract?

Thanks!

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#462584 - 10/05/18 06:45 PM Re: Buy out a Contract [Re: Berg]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
It's always possible (unless prohibited by Law) . . . . especially if you're a CASH Buyer; and even more so if the current Buyer is also dealing with CASH.

It would be much more awkward (and unlikely) if someone among you is dealing with a Mortgage and an Appraisal and any other contingencies.

If the current Buyer is really in love with the property, you may have to pay a hefty premium (there may be no limit) to purchase his/her interest in their Contract . . . . without any guarantee that the property will subsequently appraise high enough to make you whole.

You have to want it a whole lot more than the current Part to the Contract
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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