Pending sale with lis pendens

[Mel Smith]

Hi, I am the seller of a house that has a lis pendens on it.  The lis pendens will be removed once the house is brought up to code (demolished or rebuilt).  I have a sales agreement with someone that was signed a month ago and the closing was supposed to be in 2 weeks.  The buyer was informed from the beginning about the lis pendens.  Once the title search came back, the buyer will not move forward with the closing and keeps wanting to re-negotiate. I've told him no multiple times, that I'm firm on the agreed upon price since he had time ample time for due diligence and if he wants lower, then I want to void the cancel the sales agreement so that I can put it back on market.  This has been going on for 2 weeks now.  I'm feeling bullied and as if I'm being held hostage and am not sure what I can legally do.  Can someone please advise?  There are no real estate agents involved.  Thanks.

[Mitch Messer]

Quote from @Mel Smith:

Hi, I am the seller of a house that has a lis pendens on it.  The lis pendens will be removed once the house is brought up to code (demolished or rebuilt).  I have a sales agreement with someone that was signed a month ago and the closing was supposed to be in 2 weeks.  The buyer was informed from the beginning about the lis pendens.  Once the title search came back, the buyer will not move forward with the closing and keeps wanting to re-negotiate. I've told him no multiple times, that I'm firm on the agreed upon price since he had time ample time for due diligence and if he wants lower, then I want to void the cancel the sales agreement so that I can put it back on market.  This has been going on for 2 weeks now.  I'm feeling bullied and as if I'm being held hostage and am not sure what I can legally do.  Can someone please advise?  There are no real estate agents involved.  Thanks.

What does your sales agreement say? I'm assuming it mentions a set closing date. If that date has already passed, and the buyer has not closed, you should be free to pursue other offers.

You only feel "bullied" and "held hostage" because you don't currently have other buyers. If you did, you'd simply close with one of them and then move on.

So, go get some!

We learned this lesson the hard way: Never stop talking to prospective buyers until you've closed. 

[Mel Smith]

I thought I wasn't legally able to sale to someone else unless the buyer has cancelled the contract in writing. The verbiage in the contract regarding the closing date is below.  Does this mean that I'm legally able to sell to someone else now?  Thanks.

Time and Place of Settlement. Settlement shall take place on or before
September 27th 2024 closing date. (7-29) days from the ratification of this
Contract or sooner by mutual agreement between the parties. Settlement shall
occur within, or at such other site as the Buyer may select, provided that the Buyer
shall have given the Seller at least five (5) calendar days advance written notice
thereof.

 

[Chris Seveney]

Quote from @Mel Smith:

I thought I wasn't legally able to sale to someone else unless the buyer has cancelled the contract in writing. The verbiage in the contract regarding the closing date is below.  Does this mean that I'm legally able to sell to someone else now?  Thanks.

Time and Place of Settlement. Settlement shall take place on or before
September 27th 2024 closing date. (7-29) days from the ratification of this
Contract or sooner by mutual agreement between the parties. Settlement shall
occur within, or at such other site as the Buyer may select, provided that the Buyer
shall have given the Seller at least five (5) calendar days advance written notice
thereof.

 

Something does not make sense, you say above setttlemtn to occur on Sept 27 but in your inital comment you say settlement is in 2 weeks. Which one is it?

Either way, you wait two weeks and cancel the agreement or cancel it now as its past the settlement date. Let the buyer know you are not signing an extension. Return any funds and move on. 

Not sure what the price of this property is, but this is why you should use an attorney/realtor/closing agent to assist.