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How Can a Seller Terminate the Contract?

In todays crazy market, when there is a shortage of listings and as soon as a house comes to the market there would be several offers next day with full price or higher, Sellers want more and more and dont negotiate or compromise. This has caused some unusual problems that we dont have a pre-defined solution or even approved form to handle it. Among those is an example show below:

The Seller has accepted an offer and executed the contract. But, due to high demand and market shifts toward Sellers, he thinks he could get much higher for his house and wants to terminate the contract, of course legally and ending up with no penalty. 

But, at least for state of Texas, there is no promulgated form by the Texas Real Estate Commission (TREC) or by Texas Association of REALTORS that takes care of this situation. I have not seen any form or case that allows Seller to terminate contract, without Buyer agreement, unless Buyer cannot close on the specific agreed date or the lender does not approve the property.

That is interesting since I can come up with 17 different scenarios that Buyer can terminate the contract legally without any consequences and gets his earnest money back, but there is no single case that Sellers (Builders are exception) can terminate the contract legally without consequences.

Problem:
Seller has changed his mind and wants to get out of the contract without any consequences, But Buyer wants to go head with the contract and doesnt want to terminate the contract.

If you have seen similar situation and have a proposed solution, please share it with us.

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Equal Housing Opportunity Commission Bahman Davani REALTOR

Bahman Davani, CM
Broker/REALTOR
ABR, GRI, CDPE, SFR,
TAHS, eAgentC, and
CCIM Candidate

Office: (214) 457-7055
Cell: (214) 457-7055
Fax: (972) 596-7984

P.O. Box 261665
Plano, TX 75026-1665

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Texas Five Star Realty
P.O. Box 261665
Plano
, TX 75026 US
Phone: 214-457-7055
Website: www.texasfivestarrealty.com/
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