Seller emailed sying theyare backing out of sale!

[mowens]

Hello,

I am buying a home in New York state, I am buying in Corning NY a very small town. With the first time homebuyers credit the homes that are in my price range have all become areas of bidding wars I have lost two houses previous to having my offer accepted on the current home.

A little background on the situation, I had the offer accepted for full asking price with no counter from the seller, I have already done my home owners inspection the FHA inspection and the house has been appraised by the bank so I have gotten my commitment letter for my mortage as well so we were set to close on 10/2.

Yesterday 14 days after the accepted offer the seller EMAILS to say they didn't get the house they liked and since there aren't any other homes they LIKE in their price range they will not be selling the home to me. I rechecked the contract and there are no contigencies for the seller to purchase a new residence before closing, they even waived attorney review.

Seeing it's a holiday weekend I could not get in touch with my lawyer I am just looking for advice in what my next steps would be, I really want this house it is in the best neighborhood in town with the best schools and also near an awesome park, there is nothing else comparable in my price range.

Any advise would be appreciated!

[Bigtoe]

Unfortunately for the seller, they can not just cancel a contract because it is inconvenient. Fortunately for you, you have rights that can not be dismissed so easily.

For a start, you might be able to force them to sell and at the very least they owe you your expenses.

Wait until tomorrow and have your lawyer draw up a letter informing them that you expect to proceed with the closing.

[Bob Crain]

In our state the buyer would have moved into the house if they really wanted it.

[Diane126]

I was a seller and wanted to back out of the sale because I was told I couldn't qualify for a mortgage because I co-signed student loans for my children and was considered over extended. Needless to say I was devestated. I called my realtor to question about backing out of the deal and was told that both realty offices could sue me for the commission which was about $18,500 and the buyer could sue me for breach of contract, no telling how much that would be. So I wound up selling, putting furniture in storage and now living with one of my children

[Gloria Singer]

In Florida, the buyer could sue for performance and force the sale. Seller would definitely be liable for commissions as well. How did this end up? Did you get the house?

[rvolk75]

That post is over a year old, so I'm not sure you'll ever hear back from this person. My advice is, review the contract. If there's a way for sellers to back out, they'll take advantage of it. Have your realtor review it. Have your attorney review it. Without seeing the contract, it's impossible to provide guidance.

[Diane126]

In Florida, the buyer could sue for performance and force the sale. Seller would definitely be liable for commissions as well. How did this end up? Did you get the house?

I did go through with the sale of my home in Virginia. I had no choice, didn't want to be sued by realtors or buyer. But now I am havng a problem in NJ purchasing. HOA doesn't want to sign a federal form because of a sentence that is written "may be requested to produce documentation". My contract for commitment runs out tomorrow and if that paper is not signed I loose the house. Now I wonder if I could sue the HOA for refusing to sign. According to our realtors office closings have been happening and this problem has never come up before.