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  1. #1
    Join Date
    Nov 2007
    Posts
    1

    Angry Home Buyer Backing Out At The Last Minute

    I live in Tennessee and am on the "seller" end of a situation. A couple put a contract on our home 3 months ago with no contingency to purchase our home. They've been approve for the loan without them selling their current home. (I specifically said NO contingencies) It is now 6 days before closing and they is now trying to back out. They stated it was "because they don't want 2 mortgages". I explained they signed the contract with NO contingencies. They said they know but thought they'd sell it in time anyway.

    Is there anything we can do beside them forfeiting their $1,000 earnest monies? (Big whoop, right?) We will lose the home we currently have a contract on and the elderly lady (seller) has put down $$ on an apartment.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Home Buyer Backing Out At The Last Minute

    You can sue them for specific performance or, if you end up having to sell at a lower price, contract damages. Suing for specific performance (compelling them to buy) will be costly and will take many months to litigate, so most people in your position forego that option.

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