He got nervous because other houses in our development had trouble with their septic systems. The inspection on our system was fine. We have lived at this house for years without a problem. The only contingency was 'providing that the septic passes inspection' - which it has. We even offered to leave money in escrow for 2 yrs in case it did fail, but they still want to cancel. What happens next? Can they successfully cancel? Answers from real estate pros only please...this is so upsetting to me! Thanks.
2007-07-18 08:57:13 · 5 answers · asked by TMD 2 in Business & Finance ➔ Renting & Real Estate
You can never force anyone to sign and complete a purchase contract. However, you CAN sue them for specific performance and damages due to their failure to perform.
If this contingency passed inspection and they only want to cancel out of fear, do not be afraid to inform them that they face a potential lawsuit over their breach of contract. You might consider consulting an attorney to inform them of this fact in writing, which should let them see the light of day.
You don't have to let them off the hook ONLY with loss of their earnest money.
2007-07-18 09:06:22 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
Yes, they can cancel the contract on the sale. They'll lose any deposit or good faith money they paid when making the contract bid on your home. You can also threaten to sue them with breach of contract, but that's up to you and however much more you're willing to pay to sell the home. Keep in mind, if they're smart, they can just hold up the financing until the contract runs out and blame it on the mortgage company. In which case they're not obligated, they're out the deposit money, and you can't sue.
In the end, you can't ever really force someone to buy.
2007-07-18 16:10:07 · answer #2 · answered by Ari 3 · 1⤊ 1⤋
Buyer entered my house prior to the close of escrow without authorization and without his agent and began demolition of 400 sq ft of tile flooring. Can I cancel the contract and keep his deposit?
2013-09-25 14:09:46 · answer #3 · answered by Bruce 1 · 0⤊ 0⤋
If they have no grounds to cancel, then their refusal to close will be a default & (assuming the usual default clause) you get to keep the deposit (& usually split it with the broker) This is the reason why sellers should insist on sizeable deposits.
2007-07-18 16:04:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, they can cancel, but they will lose their good faith/earnest money.
2007-07-18 15:59:59 · answer #5 · answered by sortaclarksville 5 · 1⤊ 0⤋