Can the seller of a Short Sale back out?

06-16-2009, 07:37 PM

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Can the seller of a Short Sale back out?

What is the name of your state (only U.S. law)? MN
My brother is in the process of trying to purchase a house that is being short sold. The earnest money was paid and cashed back in April, there was a purchase agreement signed by the bank, my brother and his wife, and the sellers. There was supposed to be a closing date of 6/6. Well they delayed and delayed and just informed my brother that that they changed their mind and are going to get a modified mortgage. Can they just back out of a purchase agreement?

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