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Old 06-16-2009, 07:09 PM
 
3 posts, read 25,827 times
Reputation: 19
Default Can a seller back out of contract 20 days before settlement.

What option do we have if a seller backs out of contract prior to settlement date. All contracts have been signed by both sides ( deposit made, home inspections done, loan approved, etc) and we are just waiting for settlement date now. We are from out of town and house is in Maryland with standard Real Estate contract (signed by us and seller) provided by agent. I am not sure they are but have heard a few comments that arent encouraging... Would like to know what are my options and responses if the subject comes up. We want the house...
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Old 06-16-2009, 07:33 PM
 
Location: Salem, OR
10,851 posts, read 18,116,894 times
Reputation: 6718
What you can do depends on what your contract says you can do. Each state has it's own forms, and they are not national forms.

Typically a buyer would be forced to sue for specific performance and force the seller to follow the contract...but it just depends on what your contracts says your recourse is.
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Old 06-16-2009, 08:36 PM
 
Location: South Metro Denver for 25 years
8,585 posts, read 18,727,491 times
Reputation: 4316
Do you know why?
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Old 06-17-2009, 06:53 AM
 
Location: DFW - Coppell / Las Colinas
17,670 posts, read 16,455,542 times
Reputation: 16514
In TX you can't force a homeowner to sell his homestead (I'm not an attorney) but you could sue for performance or damages.

Do you really want to force someone to sell their home when they don't want to ? If you are out money get them to reimburse you for inspections, surveys and any other expenses you've occurred. They might even kick in a little extra to pay for your time.

Go find another house where you have a willing seller.
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Old 06-17-2009, 07:33 AM
 
Location: Central Florida
799 posts, read 2,082,070 times
Reputation: 286
You can't force someone to buy or sell. You can always back out of a contract but there are legal ramifications for doing so. Check the contract terms and know your State laws regarding backing out of a contract. Take the contract to a attorney for legal advice that is relevant in your State for advice.
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Old 06-17-2009, 08:31 AM
 
Location: Between Raleigh, Wilmington and Morehead City
31 posts, read 64,825 times
Reputation: 45
Generally (might be state specific) a buyer can sue for specific performance under terms of the contract but it is just that, a lawsuit = time and money. By comparison, a SELLER suing a buyer for specific performance generally does not have as much to go on since a buyer has to have the financial capability to close on the contract and if he does not he cannot be made to have the money or financing.
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Old 06-17-2009, 09:19 AM
 
1,097 posts, read 2,428,109 times
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Specific performance is for situations just like this, when money damages won't cut it. If a buyer backs out with no legal justification (i.e., there is no contingency in the contract that permits the buyer to walk away, such as an inspection or financing contingency) the seller is usually entitled to damages caused by the breach, which would include the difference between what the breaching buyer would have paid and what another buyer would pay, plus the loan interest and utilities the seller had to pay between the time the breaching buyer would have closed and the subsequent buyer closed. If there is no back-up buyer the court might award some money damages in place of the difference between the two sale prices, but specific performance would be kind of unusual.

But for a breaching seller, specific performance is a more common remedy because real estate is unique, and it can be difficult to calculate the damages to the buyer. An exception would be the sale of a condo or other property that is virtually identical to the one that was originally intended to be sold.
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Old 06-17-2009, 11:43 AM
 
Location: Barrington
19,233 posts, read 13,621,948 times
Reputation: 6053
Quote:
Originally Posted by Surfer714 View Post

I am not sure they are but have heard a few comments that arent encouraging... Would like to know what are my options and responses if the subject comes up. We want the house...
What have you heard and who is the source of the information?
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Old 06-17-2009, 05:44 PM
 
3 posts, read 25,827 times
Reputation: 19
Sellar lost a house they were to buy.... But it looks like they are going to rent until they find something else....Thanks for responses
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Old 06-17-2009, 06:15 PM
 
Location: NW Las Vegas - Lone Mountain
15,757 posts, read 20,280,033 times
Reputation: 2661
Quote:
Originally Posted by Dee2e View Post
You can't force someone to buy or sell. You can always back out of a contract but there are legal ramifications for doing so. Check the contract terms and know your State laws regarding backing out of a contract. Take the contract to a attorney for legal advice that is relevant in your State for advice.
Of course you can. Happens all the time. And you can sometimes force them to sell the property rather than make you whole financially.

Courts can do all sorts of things including sending armed men out to carry you off your property. And if you wish to push it you can end up dead and carried off in a bag.

The legal system has real teeth.
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