How does a homeowner successfully get out of a purchase agreement

How does a homeowner successfully get out of a purchase agreement

Investor · Columbus, OH · Member since 2015 · 142 posts · 52 votes

so i found an off market deal the other day that the homeowner is currently in a purchase agreement with a "wholeseller". They no longer want to be in that current agreement and want to sell independently.  The home owner wants to do business directly with myself, the buyer, and I have already had a contract drawn up to this effect.  The seller however does not want to sign until he can be assured/guaranteed he can get out of the purchase agreement he previously signed to sell his home.  There is nothing in the purchase agreement so far from what I have seen that has him legally bound to the agreement.  Can anyone give me any kind of advice or help as to how he can get out of this agreement?  I am obviously trying to assist him in getting out of the agreement due to him wanting to sell to myself directly, and not use any type of agent/wholesaler.  The wholesaler that he has been working with has been doing shady business and the homeowner no longer trusts them and wants to get out of this purchase agreement asap.  I appreciate any and all input!

Best,

Justin

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  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    7y

    The agreement itself binds the seller to the contract.....not sure why you think it doesn’t.

    The seller has 2 choices....

    1) Wait and see if the wholesaler can perform within the timelines in the contract, terminate the contract if they don’t.

    2) hire an attorney, play hardball, hope the wholesaler won’t sue to enforce the contract.

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