I have a real estate contract to sell my home. The date of closing on the contract is August 14th. I was informed by the lender that the buyers said they didn't care if they closed on the 14th or not. They would settle for a day the following week. I also have a contract on a home I am purchasing that showed the closing date as August 14th. The sellers of that home have threatened to walk away since I was unable to meet the August 14th deadline. Is there anything I can do legally to the people that have a contract to buy my home? Obviously I want to sell so refusing to extend their contract isn't an option. We already had the movers at the house packing our belongings when we found out. We are without a home for a week while the buyers decide when they would like to close. Any other options?
1 Answer from Attorneys
It is not likely that in this market your seller will walk away, so the reall issue is to keep communication open and to close asap.
Without having your contract to review, it is impossible to determine what damages if any you may be able to recover or whether you have any legal options.