 Backing out of a contract
I'm from New York. We are in contract to buy a house, set to close January 21, 2002. Our understanding is our seller has until Feb.21st. (30 days later) He won't be ready to close. He needs permission from Surrogate Court to sell, since his father had no will. We have already sold our house and have to be out by Feb 21st. The other problem is that the house appraises at $25,000 less than the selling price.
We have since found another house that we'd like to buy.
Can we back out of the contract after Feb. 21st because he still has no answer from the courts and may not for quite some time?
Can we put a binder on the new house to hold it, because it will sell if we don't act quickly?
We really are in a dilemma here. Any suggestions on how to get out of this mess?
Last edited by jaytee; 02-10-2002 at 04:48 PM.
| 
02-10-2002, 03:40 PM
Linear Mode
