Legalities with home sale

**Devora** · 11-06-2010, 03:04 PM

I am trying to sell my home and seem to be having problems. The "purchaser-to-be" is a woman in the process of a divorce who really couldn't afford to give us a down payment in addition to the down payment at the bank. She told us that she had a pre-approved loan and could purchase the house very quickly, so we agreed to sell it to her without any up front money (thinking she's have possession in 1-3 weeks). She indicated to us that her soon to be ex had agreed to co-sign the loan. We signed a purchase agreement but probably made a mistake in not stating a time limit. The only stipulation was that she would purchase the home UNLESS the appraisal was below the amount the bank would approve.

The bank sent out the appraiser who appraised the house for much more than the asking pricce, and indicated there wouldn't be any problem, then weeks passed and we heard nothing. We finally contacted her, only to find out that her loan had been approved weeks earlier. When we asked about when the bank would close, she said she hadn't scheduled it yet because her ex-to-be was hesitating on co-signing. She promised to get back with us in the next few days, but now we've waited another 2 weeks with no word at all.

My questions are:
* Since her loan has already been approved and she hasn't done anything to close in almost 3 months, can I put the house on the market and try selling it to someone else or do I have to wait endlessly?
* Would she be able to sue me if I find another buyer?
* Any advice on how to handle this?

**agentsranking** · 11-06-2010, 09:28 PM

I think in order to have a legal and enforceable real estate contract you need to have a date. I'm pretty sure if she isn't moving forward with the closing you can begin showing the house to other potential buyers and if you find one, sell it.

**Greg** · 11-07-2010, 07:12 AM

Without seeing the contract no one on this forum can give you any safe advice except to tell you to have an attorney read your contract and follow their advice.

One thing I can say with certainty is DO NOT sign another contract with another buyer. This lady still has an enforceable contract with you and if you try to sell the house you could find yourself making another expensive mistake.

It sounds like you are trying to do this on your own and you have already made some big expensive blunders. 1. selling too cheap 2. not setting an expiration or closing date.

Get some professional help. You do not know what you are doing.