What Can a Buyer Do
If the Seller Backs Out?
Question: I recently signed and a contract to purchase a new home for $462,000 in Centerville, Va. The seller has decided not to sell the home despite a legal and approved sales contract and loan. He has stated that he will not appear at closing.
What options do I have at getting all my cash and returned and compensation for not executing his half of the contract (what should I ask for):
- loan application, $300
- credit application, $55
- earnest money, $5,000
- home inspection, $460
- radon test, $150
- time off (for inspection)
- wasted effort (?)
Any answers or pointers to information would be appreciated?
Kirk: I'm not an attorney, but I believe it's time for you to get one. If you do, in fact, have a legally binding contract, you may be able to force the seller to go through with the sale by threatening to sue for "specific performance."
Alternatively, you may be able to secure damages. Your attorney will tell you what your legal options are.
Q&A: How to get the look and feel of hardwood floors without the expense .
From a practical matter, a strongly worded letter from an attorney may be all that's needed to convince a reluctant seller to perform as originally agreed.
Good luck!
Mr. Irwin has more than 25 years' experience as a Los Angeles-area real-estate broker. He is the author of more than two dozen books about real estate and is recognized as one of the most knowledgeable writers in the real-estate field. Mr. Irwin's most recent book is "Power Tips for Buying a Home for Less," (McGraw-Hill, 2000).
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Kirk, Fairfax, Va.
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