Recinding a contract / Clouding a Title

[David W]

I visited a seller on Saturday and she signed a contract. Later that night she contacted me and made up some bologna that "her father's will would not allow her to sell it so cheaply" and she was within the time frame for Missouri to rescind the contract and wanted to do so. I have a couple questions.

1) If anyone knows Missouri law, the only way that can be done that I can find, is if the seller is in foreclosure. Then they have 3 business days to cancel. Is this correct?

2) If I REALLY wanted to do the deal, would recording the contract cloud the title to prevent her from selling to another entity? I know I can't FORCE her to sell without a lot of hassle and potential legal expense, I would have a hard time proving damages anyway, but could I prevent her from selling to someone else?

The house wasn't a BAD deal but not what she represented on the phone. I think there is money to be made but I don't want bad Karma either. I basically want the information for future knowledge when I REALLY don't want the deal to go south...

Thanks for your input.

[Dave Toelkes]

You can try to punish the seller or you can just walk away. You said the deal is not that great to begin with. If if is not that great, then it may not be that great for anyone else either.

Don't burn your bridges. Just release the seller from the contract and tell her that you would still be interested if she changes her mind.

Six months from now, she may be calling you again with a more realistic picture of the value of her property. You might even get a better deal if you are patient.