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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 6919
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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I'm selling a house to a cash buy that, at the last minute,

Customer Question

I'm selling a house to a cash buy that, at the last minute, has said he will not but the house for the agreed price 535,00 but want to pay 500,000 now. He has stated that if we don't take his new offer he will walk. Not sure what to do.
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Irwin Law replied 8 months ago.
Your rights and what you can do depends on what the purchase agreement says. Most purchase agreements provide for you to be able to keep the earnest money deposit if he walks. You may also be able to sue him for damages if you are unable to sell your home to someone else for at least $535,000. Some states permit a seller to sue for specific performance Which would require him to complete the purchase for the amount of his offer. This is an unusual remedy though, and it would take more time than I have to research whether or Oregon law permits it. I hope this is helpful. You should discuss this with an attorney if it comes to Past that your buyer backs out.
Expert:  Irwin Law replied 8 months ago.
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Expert:  Irwin Law replied 8 months ago.
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