getting out of a real estate contract - Posted by Becky Bechtel

Posted by Becky Bechtel on February 25, 2002 at 22:00:30:


One month after my Dad died, I signed an agreement to sell some acreage adjoining the Marina property, also owned by my Dad. Our broker told us that adjoining land was going for $1200 per acre. I made the decision to undercut the adjoining land price to $1100 per acre. Our agent found a buyer and after I signed the contract but before closing, I found out that this developer specializes in low-income housing and that would be a security issue for the Marina. Also, our broker misquoted the adjoining land…it is actually priced at $1296 per acre. The buyer is threatening to sue for specific performance. Is there any loophole I can use to get out of this. I do not feel good about this impending sale and we have also lost two potential buyers because of the pending sale of this land to this buyer.