Seller wanting to back out because of prepayment penalty

[kappy]

What is the name of your state? NH
I have a signed P & S with seller and was supposed to close this past Friday. One hour before the closing, we found out that the seller owes $9500 at closing, primarily due to a prepayment penalty of $10k that she thought went away after 1 year. She is trying to work it out with her bank, but said if she can't, she is going to put her place back on the market to ask for a higher price in order to cover the $9500. Do I have any rights to make this sale go through? She is claiming she doesn't have the money...not even a portion of it. Just curious if it's worth it to seek a local attorney, especially if this woman is in such financial distress...

[acmb05]

Originally Posted by kappy

What is the name of your state? NH
I have a signed P & S with seller and was supposed to close this past Friday. One hour before the closing, we found out that the seller owes $9500 at closing, primarily due to a prepayment penalty of $10k that she thought went away after 1 year. She is trying to work it out with her bank, but said if she can't, she is going to put her place back on the market to ask for a higher price in order to cover the $9500. Do I have any rights to make this sale go through? She is claiming she doesn't have the money...not even a portion of it. Just curious if it's worth it to seek a local attorney, especially if this woman is in such financial distress...

You can sue to force the sale. It is not your fault the owner is an idiot and did not read her paperwork right.