The Buyer is saying he will not show up at closing date and does not want to sell

[NataliaGarcia08]

What is the name of your state (only U.S. law)? Florida
Hi,
I need some quick advise. We are supposed to close on our new/first house this Friday (in 2 days), I just got a call from my realtor saying that our attorney had found that the seller has a second "mortgage" on the house, or pretty much owes more money that he expected, The seller is saying he didn't know anything about it and but went to his bank and the bank confirmed this was truth. Now the seller told his realtor he is not going to close, he will not show to the closing and he is not going to sell the house anymore.
What do we do? We still want the house, we have also invested time and money, between appraisals, inspections, fees, etc. that we are not willing to lose. But, we do not want to engage in a long process of attorneys and legal expenses.
Please advice. Thank you in advance.

 

[Zigner]

What is the name of your state (only U.S. law)? Florida
Hi,
I need some quick advise. We are supposed to close on our new/first house this Friday (in 2 days), I just got a call from my realtor saying that our attorney had found that the seller has a second "mortgage" on the house, or pretty much owes more money that he expected, The seller is saying he didn't know anything about it and but went to his bank and the bank confirmed this was truth. Now the seller told his realtor he is not going to close, he will not show to the closing and he is not going to sell the house anymore.
What do we do? We still want the house, we have also invested time and money, between appraisals, inspections, fees, etc. that we are not willing to lose. But, we do not want to engage in a long process of attorneys and legal expenses.
Please advice. Thank you in advance.

If the seller doesn't complete the sale, then you are likely going to need to retain an attorney. Your purchase contract may have a clause that would allow you to be reimbursed for attorney's fees if you are successful in a lawsuit.

 

[adjusterjack]

we do not want to engage in a long process of attorneys and legal expenses.

Then walk away, take your lumps, look for another house.

Because expensive litigation is exactly what you will need to experience if you want to punish the seller by taking his money or forcing him to sell.

 

[HRZ]

Be sure you show and do as required lest seller claim you balked. Read the contract ..it may well limit your options. Even if seller did everything wrong.
Its far from rare that seller has negative cash out ....

 

[william10]

Read the contract look up all options written. Be sure about the property as well