What happens if either side breaches the home sales contract?
Unless an unmet contingency triggers the abandonment of the home sales contract, it’s a binding legal document. Buyers who fail to perform can lose their deposit money. Sellers who try to back out can be sued for “specific performance,” which forces the sale of the home to the buyer. Many contracts also specify that disputes must be brought in small-claims court or presented for arbitration or mediation. Negotiating a Win-Win Situation Most home buyers and home sellers want to arrive at a win-win agreement, but that’s not to say either side would regret getting a bigger “win” than the other. Successful negotiating is more than a matter of luck or natural talent. It also encompasses the learned ability to use certain skills and techniques to bring about those coveted win-win results. Use these suggestions to turn negotiation into agreement: Start with a fair price and a fair offer. Significantly overpricing your home is a turn off to potential buyers. Likewise, making an offer that’s fa
