What is the name of your state?What is the name of your state? CA
I am attempting to buy a home in Los Angeles and I seem to have run into every flake in the city in my search. I had a paid for home in Indiana that I sold approximately 8 months ago, so I have a good size down payment available even though prices are so high here I could buy 4 houses anywhere else for the minimum buying price here. I found a home that I was interested in and attended an open house for the home and decided to put in a bid for it. The asking price for the home was $375,000.00 and I made an offer of $368,000.00. The real estate agent said that he didn't know if they would accept the offer and I informed him that I would not go any higher and that the offer to purchase would only be good for 48 hours as I wanted to find something to buy fairly quick since my current lease is up on Aug 1st and I wanted to close as close to that date as possible. The sellers were talking about having a second open house the following weekend since my offer to buy was the only one they received. I told them that my offer was not a standing offer and that it was only good for 48 hours. They accepted my bid, we signed the contracts, had part of the necessary inspections done and opened escrow. I had to take a check for 3% of the purchase price ($11,040.00) to the escrow agency within 2 days as well as sign the escrow documents and return them. My check has been cashed (balance of down payment of $44,000.00 to be paid at time of transfer), I have given my landlord a notice that I will be moving (30 day notice is required), my son has transferred his university credits to the school in the area where the house is located, and I have obtained a loan with a locked in rate that is lower than is currently being offered. Now over the holiday weekend the real estate agent called and said that the sellers are having second thoughts and don't want to sell the house now. This is really putting me in a bind as I have no where to move to, my son is blind so I can't just get a storage unit and get a hotel room and I am losing interest on my $11,000.00 as well as missing out on other property that I was interested in but declined to make offers on as I assumed this was a "done deal". Since they signed the purchase agreement and have no real reason for changing their minds do I have a recourse action. Can I force them to sell or reimburse me for loses concerning their change of mind? Is there a way to prevent this from happening in the future if this deal falls through?