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Buying or Selling a Home/Pulling out of a real estate contract I am the seller
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Question
I recently sold my home - buyer got their mortgage and closing in Jan. If I want to pull out of the deal what happens. Buyer put down deposit already. Will I have to pay a penalty and can I get sued?
Dear Margaret:
Yes, you can be sued. It is called SPECIFIC PERFORMANCE. And, if the buyer wins, you have to sell the buyer the house at the price that was in the contract, even if prices go up and the house is worth more at the time of the law suit. You may also be accountable to pay the difference in the mortgage lending rate if the interest rates rise. I suggest you contact a real estate attorney. I cannot "practice law without a license" so you need legal advice.
KARYN FOLEY
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Karyn Foley
Expertise
I can answer questions on picking the right agent, marketing properties, contracts, ethics, buyers and sellers responsibilities and fiduciary relationships. I prefer not to answer questions relating to real estate financing.
Experience
I have over 29 years of full time real estate experience in the Southern California area as realtor, assistant manager, education director, and broker. Consistant top producer.
Organizations
Southland Regional Association of Realtors, California Association of Realtors, Calabasas Chamber of Commerce.
Publications
Las Virgenes Enterprise, Calabasas Courier.
Education/Credentials
Bachelor of Science degree, UCLA, licensed real estate broker, graduate realtors institute designation.
Awards and Honors
Trophies and certificates of achievement for real estate production. Training Director, Instructor for the local Board of Realtors, Member of local Board's Grievance Committee. Chamber of Commerce Community Service Award, one of the founders of the City of Calabasas, elected to the first Calabasas City Council, first woman mayor of Calabasas, former Regional Representative to Southern California Association of Governments.
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