I sold my 1 family house and after many prospective buyers were unable to get mortgage finally after 7 months found one who was able to get mortgage. After searching for my new house found prices are much higher than when I first started my search and conditions really bad. Buyer now wants to move in ASAP because his mortgage will expire in a few days, however was able to extend for 45 days. Have not closed yet because I have nowhere to go. Is there anything I can do or will buyer be able to sue me.
1 Answer from Attorneys
Depending on the terms of your contract, If you do not proceed with the sale, buyer could be able to sue you for specific performance(sale of the house ) and for damages associated with your breach. However, buyer might be willing to release you from the contact for a amount certain. If the deal was brokered , depending on you contract with the broker, broker might be entitled to his fee.
Related Questions & Answers
My two sisters and I own a house. One sister will be getting married. Can her... Asked 8/29/13, 1:02 pm in United States New York Real Estate and Real Property
I am a homeowner in upstate New York and own a home built around 1865. Part of my... Asked 8/25/13, 4:27 pm in United States New York Real Estate and Real Property
I was rejected for a home sale and pre approval and the seller apparently has... Asked 8/21/13, 12:55 pm in United States New York Real Estate and Real Property
I just inherited my parents home with my brother after both my parents passed away.... Asked 8/20/13, 8:11 pm in United States New York Real Estate and Real Property
When a man dies and there is two alleged wifes who wants to claims the decease... Asked 8/20/13, 2:08 pm in United States New York Real Estate and Real Property