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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 35297
Experience:  16 years real estate, Realtor. Landlord 26 years
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We have signed a contract to buy a condo in Florida which

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We have signed a contract to buy a condo in Florida which is part of an estate. We are buying the condo for 58K but the sellers owe 86K. The realtor stated that the sellers were going to bring the extra money to the table. They were selling the deceased parents' weekend condo with all of the furnishings as quickly as possible. The estate involves another house, a business,etc.

My husband and I took money out of a retirement fund to pay cash for this. We had to pay taxes on the amount we withdrew. We also bought plane tickets to fly to Fla. for closing and paid for a background check for the condo association.

We are to close by Monday, Aug. 26. The realtor is now telling us that the sellers want to back out of the contract. They feel they should give it to the bank as a short sale.

Can they do this? We will have lost quite a bit of money by taking cash from the retirement.

Thanks, XXXXX
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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Can they do this? We will have lost quite a bit of money by taking cash from the retirement.
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No, you have a contract for a set price and you can legally enforce it. If the seller tries to back out, then you have the right to sue them for breach of contract and "specific performance" which is where a judge orders them to continue with the sale under threat of contempt of court.
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So now it is up to the sellers to come up with the extra money from the estate so that they can convey clear title to you. They should have gotten approval from the lender to short sell you the condo before they entered the contract or made it contingent on the lender approving the sael. If they didn't do that, then that is a problem that they will have to deal with and resolve by shifting money from other assets to pay the deficiency on the condo off.
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Barrister
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