Posted by Natalie-VA on January 24, 2006 at 12:39:36:
Hera,
I am not an attorney, but I can tell you that there’s not a whole lot you can do to force a buyer to close. At best, the seller of that home might be able to keep the earnest money deposit.
This is why a lot of sellers will not accept a home sale contingency…now you are dealing with multiple parties.
–Natalie
Purchase Contract in NY - Posted by Hera
Posted by Hera on January 20, 2006 at 12:05:46:
We have a purchase contract(1)for the sale of our home. This contract is contingent upon securing agreeable financing and a successful closing of the purchasers home.
The purchaser has a purchase contract(2)for the sale of their home. This contract is contingent upon securing agreeable financing.
All financing for both purchases is in place and the scheduling for “back to back” closings has been pending since 1/12. Finally, with all parties agreeable, a closing date was going to be set for the 25th. The purchasers for contract (2) have now (the 18th) decided that they want to back out of the deal because “He dosen’t like his job”!!!
Does the buyer of our home have any recourse? Can she force them to follow through with the contract? If so, what does the process involve? And what is the approximate time frame?
If she can force them and decides not to, what is our recourse? Can we then force her? She does have financing and would have had a successful closing, if she had done her part but decided not to.
HELP!!! (Please!)