Real Estate Law
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Walk away from the sell of the house?
You can walk away from the sell if you are unable to close on the new house and the buyer of your house is not being cooperative. However, the buyer of your house may file lawsuit for Specific Performance to force you to sell the property to them. However, if the sell of your home is contingent on the purchase of the new house, you would be able to persuade the Court not to Order Specific Performance.
As for the purchase of the new home, you can tell the Seller that you no longer wish to purchase the house because you cannot afford to wait for 30 days to close as the buyer of your home is not being cooperative in letting you rent the home while you wait out the 30 days.
You have to do this in writing in order to get your earnest money deposit back.
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You can still walk away if your buyer is not being cooperative unless you want to move to a hotel while waiting to close on the new house. If you do walk away, you may not get your earnest money deposit back from the seller--the seller may decide to keep your earnest money deposit. The Seller may also file lawsuit against you for Specific Performance.
Lawsuit to force you to continue with the sell or the purchase. Lawsuit to perform pursuant to the contract that you signed.