Legal Question in Real Estate Law in Michigan
default of contract
The wife and I just spend over two months waiting to close on the home we are trying to sell. The buyers are now backing out of the purchase. They are approved for the loan, and the purchase agreement is signed. Other than the earnest money, what am I entitled to? This is a real difficult market here and we have had to reduce our sale price drastically to get a buyer. These people tied our home up and kept it off the market during peak home selling time.
2 Answers from Attorneys
Re: default of contract
Keep the earnest money and you could sue for costs or if you sell the home at a discount you could try and sue for the difference.
www.lawcpg.com
Re: default of contract
The answer depends on the contract. Do they have a contingency clause which they can use in support of their backing out? If not, then you can take them to court to enforce the contract. If you need further assistance, contact me at www.lawrefs.com.
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