Don't some states let you reverse a RE transaction?
by mintirish (2019-06-21 15:39:06)

In reply to: I don't know if they could take it off the price  posted by LondonDomer

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I think some states allow you to reverse a real estate transaction for a short time period.

I would call my attorney and let the seller's attorney know your in-laws are backing out unless they get a check for $1500.

Have your in-laws ask both their realtor and attorney what they can do. Maybe their realtor can get the seller's realtor to cough up a little cash.

Otherwise I think they are SOL from a money standpoint. Obviously file a police report and get a restraining order.

Apparently not - replying to myself
by mintirish  (2019-06-21 15:44:15)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

Dear Real Estate Adviser,
Where on the purchase agreement does it tell buyers how long they have, once signed, to change their mind on purchasing a single-family house?
— Karen P.

Dear Karen P.,
Unless you live in Jersey, nowhere. That’s assuming you didn’t add your own “cooling-off” period to your contract, which from the looks of it you didn’t.

Buyers and sellers often errantly believe that such a 3-day period, called the right of rescission, applies to single-family homebuying contracts, car purchases and some other capital purchases. It doesn’t. Except for New Jersey, the federal 3-day cancellation period applies only to mortgage refinancing, home equity loans or similar lines of credit secured using the home as collateral.


I would still have my attorney and RE agent raise hell to try to get someone to cough up some money