California Law for Seller Backing Out

[Curtis H.]

Hello all, 

Basic question here, where I'm hoping there is a basic answer. 

I have a relative who just called and said he signed a purchase agreement with a house flipper YESTERDAY to sell his home for cash, and called the guy today and said he is having second thoughts. The guy told him to sleep on it and let him know tomorrow. 

The deal is laced with shadyness from the beginning and this all came from an attorney he was using to become the executor of the estate to get the house in the first place. That atorney called an investor buddy and then began to pressure my relative to sell the house to him or his buddy. So my question is this...

Since he only agreed to sell the house 24 hours ago, and it's a standard one page purchase agreement (I saw it) but not a CAR form, doesn't my relative have 48 hours to back out? Attorney review? He was surely preyed on since he knows nothing about real estate and is in his early twenties. He basically inherited a paid off house when he was a minor. So he had no clue how bad of a decision it was to sell this house. 

Any advice is appreciated.

[Wayne Brooks]

It’s binding, and don’t know what the contract says, or the applicable Cali law, but......I would advise to let the Attorney know that the Attorney was trying to take advantage of him, used his investor buddy instead, and.....he is Not selling and if the Attorney doesn’t get his investor buddy to drop it, he will report him to the Bar Association.

He will Net more money by putting it on the mls, paying the commission, and exposing it to All the flippers/investors and happy home buyers in the Whole market.