Q: I am owing the person I bought my house from and they want me to sell the house at a reduced rate reducing by every mont
they're afraid that I would not sell the house so they said I have to reduce it by 10k every month until I get an offer or we go back to court. I'm wondering if there is a law or some kinda of stipulation that I won't be so caged in this tight constraint but still give them the comfort that I will sell
What the other party demands has no force if a court does not order accordingly.
Assuming, though you have not said so, that you are in a Ch. 13 bankruptcy, the more common provision is to provide, in a Plan, a one-year (or shorter) "drop dead date", by which the property will be sold (or by which you will have a binding agreement to purchase for some minimum agreed price).
A: It's crucial to review the terms of any agreement or court order that's currently in place regarding the sale of your home. If the agreement seems unfair or imposes unreasonable constraints, you might consider negotiating new terms that are satisfactory to both parties. Alternatively, seeking mediation could be a way to resolve this matter without further court involvement. The law generally encourages voluntary resolution of disputes, so if you both can agree on a revised strategy that still achieves the goal of selling the house while not unduly pressuring you to accept a lower price, that could be a viable path forward. Document all your efforts to sell the house at a fair market price, as this can demonstrate to the court, if needed, that you are acting in good faith. It is also advisable to consult with an attorney who can provide guidance based on the specific details of your situation. Remember, the goal is to find a balance between your interests and the other party’s need for assurance that the debt will be paid.
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