Real Estate Agent · Springdale, AR · Member since 2017 · 11 posts · 1 vote
I found a house for sale by owner like the interior remodeling. overlooked the damage caused by the foundation issues existed.
I made a low ball (i thought) cash offer. Location is good. But cracked driveway and garage floor needs immediate attention, cost 10k. I want to terminate the contract. Seller is ok but wants in writing. How should i best approach the termination letter? What kind of verbage should i use or avoid? We had a simple Fsbo contract i downloaded. . Gives permission to terminate the contract within 10 days under the earnest money clause.
Thanks for saving my rear in advance.
Ken
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
Something like this, just off the top of my head....you can probably find some cancellation notices/addendum online.
As per the contract dated____, between xxxx and xxx for the property at xxxxxx, I am hereby terminating the contract as per the inspection clause, paragraph xxxxxxx.
Both parties hereby agree to terminate the contract, relieving the other party from any further obligation, and the earnest money of $xxxx shall be immediately returned to buyer xxxxx.