Federal Law

Distressed Home Sellers Beware: Once You’ve Signed a TREC One to Four Contract You’ve Got 72 Hrs to Rescind

Per the TREC Contract, the Buyer in this case negotiated 15 days to cancel the deal, the Seller is allowed only 3 days to rescind.

 202271949

OFF MARKET LLC DBA BIG STATE HOME BUYERS vs. BROWN, LAURICE C.

(Court 295, JUDGE DONNA ROTH)

NOV 2, 2022 | REPUBLISHED BY LIT: NOV 2, 2022

The TREC Contract was Signed on Oct. 22, 2022

The home is valued at $243k and the buyer offered $160k, that’s $83G’s equity (before closing costs). Quite the return on your investment. Yet for this low-ball offer, the cash tendered to consummate the contract is a pittance, $1,100.

The seller didn’t wait to reject the offer, clearly she has let the buyers know and been transparent about the fact she’s changed her mind. After all, suit has been filed within 10 days of the contract.

Whether it’s because she obtained a better financial offer is of no relevance here, the only question which is not answered in the petition is did she cancel within “3 days” allowed under law?

No movement since filing.

No movement since filing.

No movement since filing.

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OFF MARKET LLC DBA BIG STATE HOME BUYERS vs. BROWN, LAURICE C. 11/1/2022 295 Civil Other Contract
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Distressed Home Sellers Beware: Once You’ve Signed a TREC One to Four Contract You’ve Got 72 Hrs to Rescind
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