Seller backing out

[03_cobra]

What is the name of your state? PA

Hi,

I was supposed to close on a home tomorrow. And I just found out that the seller wants to back out one day before the closing. This was a private sale that involved no real estate agent. I did arrange the sale through a local real estate attorney. A simple sales aggreement was signed by both parties. My mortgage and everything else was approved.

I was just wondering on what options I had to sue this person.

Thanks,

Matt

 

[seniorjudge]

What is the name of your state? PA

Hi,

I was supposed to close on a home tomorrow. And I just found out that the seller wants to back out one day before the closing. This was a private sale that involved no real estate agent. I did arrange the sale through a local real estate attorney. A simple sales aggreement was signed by both parties. My mortgage and everything else was approved.

I was just wondering on what options I had to sue this person.

Thanks,

Matt

Q: I was just wondering on what options I had to sue this person.

A: None. No damages, no case.

 

[nextwife]

Depending upon the contract terms, the buyer could possibly sue for specific performance.

 

[seniorjudge]

Depending upon the contract terms, the buyer could possibly sue for specific performance.

I would have to read the contract, but that would be a real stretch.

The "standard" contracts in most states don't encourage such a thing.

 

[nextwife]

Can't say I know the contract language in the poster's state. I have seen many instances of sellers or buyers who default being sued for specific performance, so I'm not used to thinking that recourse is that unusual. But maybe it IS, elsewhere. I tried looking up the poster's state offer form, but did not know the form number and couldn't find it.

They SHOULD look over the contract, though. And then take it to their attorney to look over.

In WI, for example, we use the standard WB11 State Bar Offer to Purchase for residential property sales. On Lines 235-238, Seller Default is specifically addressed and it says, right in the preprinted portion of the offer language:

"If Seller Defaults, buyer may:

(1)Sue for Specific Performance: or​

(2)Terminate the Offer and request the return of the earnest money, sue for actual damages or both​

In addition, the parties may seek any other remedies available by law or equity"​

http://www.fsbomadison.com/wisconsin_real_estate_forms/otp.pdf

 

[PghREA]

The PAR agreement of Sale for PA only mentions Buyer default in the agreement (lines 513-534). Hire a local real estate attorney and see what he says.

 

[03_cobra]

Thank you for the replies. I am going to speak with a local attorney tomorrow. One thing that I am going to loose is my mortgage rate. I locked that in and the bank already told me that the rate has gone up and I am going to loose the rate I had.