Can buyer back out of purchase contract?

[chetrick]

Hello,

I live in the state of Ohio. My husband and I have a signed purchase contract on our home from 1 month ago. We have made a purchase contract on a new home and are already packing. The buyer now tells us he is adament about NOT buying our house. Is he legally bound? Can we force him to buy or what are the reprecussions for him if any? I just really have my heart set on this and we have gone through sooo much to get this far.

Any advice would be greatly appreciated.

Thanks,

Connie

 

[HomeGuru]

Hello,

I live in the state of Ohio. My husband and I have a signed purchase contract on our home from 1 month ago. We have made a purchase contract on a new home and are already packing. The buyer now tells us he is adament about NOT buying our house. Is he legally bound? Can we force him to buy or what are the reprecussions for him if any? I just really have my heart set on this and we have gone through sooo much to get this far.

Any advice would be greatly appreciated.

Thanks,

Connie

My response: no one here knows if the Buyer must buy since we do not know the contingencies in your contract. Have a real estate attorney review your contract.

 

[chetrick]

no written contingencies

Thanks for the reply.

There were no contingencies. He was pre-approved and is suppossed to sign the mortgage loan tomorrow. Only specifically mentioned what he wanted left in the house. He even past on the home inspection.

The story is he may not have his contract renewed with the district school he works for and may have to seek work elsewhere.

Connie

 

[HomeGuru]

Read your contract for Seller remedies when Buyer defaults.