I will do my best to explain this conundrum without disclosing too much information that may in any way effect my sellers.
- My clients had their home on the market for 164 days.
- The property was priced BELOW appraisal
- My clients responded to feedback from Realtors, and did ALL suggestions for a better sale
- Their property was marketed to the extreme! Open Houses, websites, the whole nine yards
- The property had several showings
- They wrote an offer on another home CONTINGENT on the sell of their home.
- The contract on the new home was soon to expire
- My clients had no offers on their residence.
- They decided to withdraw their listing until the market picked up
- They requested a release of contract based on their home not selling.
- My clients are now facing possible litigation of Specific Performance for withdrawing the listing.
The sellers of the home that my clients had an offer on, held the release of contract form for almost 3 weeks with no communication. ARGHH...I called the Listing Agent, the Listing Agent's broker, and the attorney. Finally I got an answer after weeks of wondering!!!
My clients sincerely wanted the home they wrote a contract to buy. Their decision to withdraw the listing was a personal one. They did not want to "lead on" the sellers of the other property when they felt that their home just was not going to sell. The Release form was accompanied by a letter written by my clients explaining their situation.
I understand it is a difficult market but I must say, I haven't experienced this before! Any advice!?!?!