Seller Backs out of Escrow!!!

[camestoy]

The seller of the house I was trying to buy has backed out of the deal right at the end of escrow! I had done everything I thought I needed to, but he apparently now does not want to move. I don't recall there being any contingencies for him getting out of the contract just because. Is there any legal recourse?

 

[Tracey]

Absolutely. Yours is the classic case for which the remedy of "specific performance" is granted. Hire a real estate attorney to write seller a letter (or write it yourself). Say that if seller doesn't close (before you lose your financing or your rate goes up), you will sue him. The court will force him to close the sale, then make him pay your court costs. If the sale contract said anything about it, you might get attorney fees also. Finally, if you have to refinance & are damaged thereby, you can make seller pay you the extra money you have to pay. Upon reading this letter, seller will likely close the sale. If he doesn't, sue him immediately.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

 

[camestoy]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by camestoy:
The seller of the house I was trying to buy has backed out of the deal right at the end of escrow! I had done everything I thought I needed to, but he apparently now does not want to move. I don't recall there being any contingencies for him getting out of the contract just because. Is there any legal recourse?<HR></BLOCKQUOTE>

Ok, Thanks for your reply... My only question now is this: The escrow period has now lapsed. Can I force escrow to re-open or is it now a done deal? I recieved cancellation instructions the last day of escrow, and a verbal cancellation two days prior from the seller/my agent.

 

[Tracey]

Yes. This is not an escrow matter; it is a legal matter. You need to get this case into court to get the judge to force seller to complete the sale. However, the longer you wait to start the suit, the less compelling your claim that specific performance is necessary because you need THIS house RIGHT NOW. Send the threatening letter today & sue him next week. Obviously you need to hire an experienced real eatate attorney ASAP. Pick one who's handled this kind of suit before - s/he will have the forms on computer and can knock them out in jig time.

An alternative remedy is for you to find another house that is of comparable size/value/location/etc. and sue seller for the extra money you have to pay for the second house. If the second house is cheaper, you have no damages because you've already come out ahead.

------------------
This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.

 

[camestoy]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Tracey:
Yes. This is not an escrow matter; it is a legal matter. You need to get this case into court to get the judge to force seller to complete the sale. However, the longer you wait to start the suit, the less compelling your claim that specific performance is necessary because you need THIS house RIGHT NOW. Send the threatening letter today & sue him next week. Obviously you need to hire an experienced real eatate attorney ASAP. Pick one who's handled this kind of suit before - s/he will have the forms on computer and can knock them out in jig time.

An alternative remedy is for you to find another house that is of comparable size/value/location/etc. and sue seller for the extra money you have to pay for the second house. If the second house is cheaper, you have no damages because you've already come out ahead.

<HR></BLOCKQUOTE>


Thank you for your prompt responses. I will do what I can, and post the outcome. Thank you

Chris