Contract A changing financing is grounds for cancellation? i have a higher cash back up contract

[jghorton]

You've probably already spoken with a lawyer about this (?) --I'll bet he told you that you might be able to take legal action, but, by that time, the buyer may have already completed his portion of the "contract", making the point moot.

"Contracts" are legally binding agreements between at least two parties. The specific details of your "contract" will establish the responsibilities of both parties in your contract. IMO, the overriding issue here is the "contract" you have, versus the "offer" you would rather have.

It sounds like the buyer in this transaction is trying to operate in good faith, while you are trying to get out of the contract on a technicality ... so you can sell to someone else for more money. You are going to need a lawyer to walk you through this, but, IMO, you have no case unless the buyer clearly defaults on his agreement to buy the house.

[marksmu]

I did private party financing on my last property. It confused the realtor....I guess they never deal with private party lending....The seller on the other hand was a very wealthy business person....What he asked for was additional earnest money (from $20,000 to $50,000) and a proof of funds letter from the bank itself (not the lender) that stated the private party had the funds to lend in their account and that the bank had spoken with the private party to assure that he would lend.

I ponied up an additional $30,000, the bank wrote the letter, and we closed.

[cully]

I'm familiar with private party too. Old world single person, family effort, group of friends in business. And with a few small groups with strict restrictions. But not with any unprofessional letter.