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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33766
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I in contract on a short sale property which expires on

Customer Question

Hello I in contract on a short sale property which expires on August 31 however the owners have now stated that they want to cancel and stay in the house. Without explanation we have been in contract since April is this normal.Do I have anything to stand on is this legal I need help.
Submitted: 3 months ago.
Category: Legal
Expert:  Barrister replied 3 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

Expert:  Barrister replied 3 months ago.

Can you tell me where you are in the process?

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Has the bank approved and signed off on the short sale contract?

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How far do you want to pursue this?

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thanks

Barrister

Customer: replied 3 months ago.
Customer: replied 3 months ago.
What are my options here
Customer: replied 3 months ago.
Hello are you there
Expert:  Barrister replied 3 months ago.

Ok, if the seller has signed the contract, you have signed, and the bank has signed, then you have an enforceable contract. If the seller wanted to back out, then you can sue them for "specific performance" in order to force them to continue on with the contract and close on the sale. The judge would order them to complete the sale or be held in contempt of court and face up to 6 months in jail for refusing.

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thanks

Barrister

Customer: replied 3 months ago.
Thank you how often is this done and what is the rate of success
Expert:  Barrister replied 3 months ago.

To be honest, it is pretty rare simply because it can drag out for a year if the seller fights it and it can cost thousands in attorney fees on both sides. It isn't a matter of winning, as you can enforce the contract, but rather how much do you want to spend in time and money forcing it to go through as you wouldn't get possession until everything was over..

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thanks

Barrister

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