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Breach of Contract

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Brad Smith

I live in Naperville, IL. and signed a contract to sell my house on March, 1st. The buyer had a finace contingency that had to be met by mid April. The buyer came back in April and asked for an extension. We granted the extension until May 9th. On May 9th we received notification that the buyer received financing. On May 10, the buyer refused to close. He stated that he has an employment contract until November but is afraid he might loose his job at that point.

The original closing date on my current home was suppose to be April 27th. I talked to them on April 26th and they told me that they were just about ready to close. I am currently building a home and have been pushing to have my home completed this month. I am suppose to close on that home june one. The earnest money will not cover very much (both home are in mid six figures). Can I force this person to close? My second home is noncontingent and I have a six figure number with the builder, what if I loose that? I am going to have to do a fire sale on my current home because it has been off the market for the past three months, what about that loss?

Brad Smith
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