Real Estate Law Question

Updated on June 15, 2010
S.H. asks from Grapevine, TX
3 answers

I had an offer on my house collapse today AFTER the option period. The house had a near glowing inspection and we negotiated on a handful of "fix its" and finalized the contract. They wanted me out in 2.5 weeks. I had to find a place fast and signed a lease for a year on Saturday putting down $3,100 (deposit and first month). It was the end of my option period. Today the decided to pull out for no reason. Now my Realtor is telling me they can easily get out without losing their escrow $ even when the option period is up, just by picking something they don't like in the Homeowner's Bylaws. She said it is "crazy" but Texas laws permit this loophole.

Needless to say I'm upset (as you can imagine...I am a single mom with a young child that works from home.). I can very likely rent my home out but will likely lose money while I try and absolutely feel like I've been had. What the heck is an OPTION period and escrow for if it doesn't protect the seller whatsoever.

Is what I'm being told true. Is there no recourse here? I just want a second opinion.

Thank you!

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More Answers

A.H.

answers from Tulsa on

First thing you need to do is to call the place where you signed a lease and see if there is any way to back out of it. I know some places have a three day back out, some have a week, some have a month. You might get lucky.

As far as the contract, I don't really have that much help for you. Definitely check with another realtor and/or attorney. Also, go through your contract with a fine tooth comb. If this is a Texas law, I would imagine that it would be written out in the contract somehow. Usually the contracts are state specific. Good luck!

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C.C.

answers from Dallas on

Check your contract and make sure they are within the days allowed to back out. It would be on the HOA addendum seperate from the contract. or in the actaully contract. Typeing from memory. They have x amount of days to object or back out of the contract If there is something in the HOA documents the buyer for some reason does not like. I have my real estate license, just haven't worked since pregnant and having my baby. Hope or helps!

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G.H.

answers from Chicago on

call another realtor in your area and ask......but of course a real estate attorney would be best..........sorry this sounds aweful, you have every right to be extremely upset, hope it all works out for you

1 mom found this helpful
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