Seller wants out of purchase contract. Ohhhhh noooo

[_burrito]

Why didn't you ask your realtor about how to handle this situation, instead of some anonymous message board?

Strange....

[JuicyFredda]

isn't that^the truth !

[wjj]

Originally Posted by dingbat1

This is what happens when people who know nothing respond.


I know it's a moot point by now, but, first, as others have mentioned, you can sue for specific performance, which would force the seller to sell per the contract. Second, if you don't get specific performance, but do get a judgment awarding money and the foreigner has assets in Florida, you can ask the Florida court to take it out of those assets. That would force a sale (to the general public) and the award would be paid out of the proceeds. If the foreigner has assets in another state, ask that State. And legal fees would be added to the award each time.
Worst case scenario, and the foreigner has no assets in the U.S. - we have treaties with many countries, particularly Canada, Mexico, and western Europe, whereby those courts would honor judgments here (especially if it 'only' involves money)

And 15 years later and tens of thousands of dollars out the window you are still waiting for a resolution. What is legally theoretically possible and what is legally practical are two entirely different things. All kinds of "ifs", "may asks", and "may requests" in your response. That is a far cry from "will" and indicates correctly that everything could run off the rails and be denied at any point. And the one time you use the word "would" is entirely misplaced. I spent a career working through the international treaty network in another area that involved nothing but money, and anyone who has done so knows there is no such thing as "would or will" about it. May be able to reach some kind of settlement five years after it reached that stage is more like it.


The property not appraising out did the OP a favor.

[WrongStreet]

Originally Posted by clc08

it's over. The appraisal came back 16K low, so it was a moot point I guess. we were aproved for a conventional mortgage based on appraisal, although seller wanted out before the appraisal came back.

we got back our EMD.

sigh

Tip: always try to schedule your inspection after the appraisal comes in. I know it can be tough to coordinate, but it could save you a couple hundred bucks if it appraises too low. Best way to do it is insist on 15 day inspections and apply/pay for appraisal immediately upon contract signing.

Sorry your deal fell through, it happens. I've been there, on both sides.

[blueherons]

For future reference, the buyer is in a much better position than the seller. If the seller tries to back out, THEY are on the hook for the thousands in legal fees and would still have to sell to you.

Those telling you to walk away had no idea what they were talking about.

The legal term is suing for Specific Performance. It is primarily to protect the buyer from this happening.