noworriesdee
Junior Member
What is the name of your state?What is the name of your state?What is the name of your state? Alabama
On the 17th of March sellers agreed on our price and we all signed a contact. As the buyers we have fulfilled our portion of the contract; i.e., paid earnest money, paid for an inspection and appraisal andour loan was pre-approved and we outbid two other bidders and offered $6,000 over asking price. The house has been on the market for a year and with the above offer we got the bid and had a pre-approved loan, etc. Two weeks ago the wife of the seller said she'd filed Chapter 13 bankruptcy 3 years ago but that had no bearing on our being able to buy the house from her and her husband. In fact, in the disclosure statement it asks specifically if there is any liens or financial problems, including bankruptcies, that would prevent the sale of the house and they marked "no."
Yesterday, our realtor called and said the sellers have backed out selling the house to us because: they thought they'd only have to pay 3% towards the bankruptcy in the sale of the house but have found out they owe 30,000 and do not want to pay that and so they've told us to take a hike.
What recourse do we have, if any? We are scheduled to close on the 29th of April and at present I'm waiting for their realtor to get with our realtor. My realtor says they signed a binding contact and that they have to sell us the house. I'm not so sure...do we need an attorney or do we say to heck with it and keep looking? The house is what we wanted in every way...style, price, land...and is unique...built in 1870 and there's nothing else like it around that area at all. I'm not sure what to do next.
On the 17th of March sellers agreed on our price and we all signed a contact. As the buyers we have fulfilled our portion of the contract; i.e., paid earnest money, paid for an inspection and appraisal andour loan was pre-approved and we outbid two other bidders and offered $6,000 over asking price. The house has been on the market for a year and with the above offer we got the bid and had a pre-approved loan, etc. Two weeks ago the wife of the seller said she'd filed Chapter 13 bankruptcy 3 years ago but that had no bearing on our being able to buy the house from her and her husband. In fact, in the disclosure statement it asks specifically if there is any liens or financial problems, including bankruptcies, that would prevent the sale of the house and they marked "no."
Yesterday, our realtor called and said the sellers have backed out selling the house to us because: they thought they'd only have to pay 3% towards the bankruptcy in the sale of the house but have found out they owe 30,000 and do not want to pay that and so they've told us to take a hike.
What recourse do we have, if any? We are scheduled to close on the 29th of April and at present I'm waiting for their realtor to get with our realtor. My realtor says they signed a binding contact and that they have to sell us the house. I'm not so sure...do we need an attorney or do we say to heck with it and keep looking? The house is what we wanted in every way...style, price, land...and is unique...built in 1870 and there's nothing else like it around that area at all. I'm not sure what to do next.