Buying new home, can seller backout?

Question

Found a great house for $430,000. We have paid 5k earnest (cashed out), appraisal done, inspection done. We are in escrow. Only thing need to be signed is final sales contract. Seller has gotten cold feet, and thinks the home is worth more and does not want to sign. Do we have any recourse? We are in California.

Answer 1

If they have not signed the final purchase agreement as you have stated, then yes they can simply not accept your offer. If you are stating that you already have a signed purchase agreement with the sellers and now they will not sign the closing paperwork, then yes you can sue them for not only the amount of money you have put into the transaction but for backing out of the deal at the last minute. A purchase agreement is a legally binding sales agreement. You had better check through your purchase agreement with a fine tooth comb if this is the case and probably retain an attorney to draft up a letter to the sellers explaining that you will file a suit if they do not complete the transaction (if you really want this home). Otherwise, if you don't want the home that bad, ask for your 5k back, they reimburse you for your appraisal fee, inspection fee, and any other fees that you may have already paid and find a new home. Good luck.

Answer 2

A lot depends on the original agreement that you and the seller signed. Unless there is something specific in that agreement he is obligated to sell at the agreed conditions. At minimum you would get your earnest money back as well as any money expended such as the inspection. You may be able to take him to court to have everything enforced.pp

Answer 3

What is needed to answer this is what binding agreement do you have? Were there offers made that the seller committed to? Unless you have an offer to purchase that the seller agreed to, you may be on shaky ground here. Your Realtor should not have let you spend a dime on anything until you were committed by a contract.

Answer 4

a guy or woman's abode, in spite of fee is excluded as a source for SSI eligibility. This exclusion applies to a house owned with the help of the guy or the guy's companion if this is the significant place of place of living. a house includes any adjoining land and appropriate homes on it. Your question does not point out the fee of the valuables which you would be merchandising and the only which you would be identifying to purchase. If the valuables being offered expenses better than the valuables being offered there ought to be no source problem. in case you comprehend a financial extra after the valuables sale and purchase, that extra would be dealt with like “money” , ought to be further to your different countable aspects, and utilized against the SSI shrink. The proper limits are $2,000 for a guy or woman without companion; and $3,000 for a guy or woman with an eligible companion or a living-with ineligible companion. A source is defined as any merchandise of fee that a guy or woman owns including: •money; •financial organisation account(s), shares, U.S. mark downs bonds, and so on. occasion A occasion B $ 2 hundred,000. $210,000. Sale of previous abode $ 210,000. $2 hundred,000. purchase new abode occasion A has no longer extra money occasion B has $10,000. ultimate in money

Answer 5

Unfortunately, if you're dealing with a Realtor, they use SELLER-FRIENDLY contracts, so you'll have to look into this further.

Reatlors represent, ador and love their SELLERS.

Answer 6

Not unless they haven't signed the agreement papers accepting your offer, and even then, if they do back out, they need to give you your money back. All of it. I hope you saved receipts.

Answer 7

Are you dealing with a real estate agetn, they should know the laws