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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 17536
Experience:  B.A.; M.B.A.; J.D.
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We sold our home and are buying another. Both suppose to

Customer Question

We sold our home and are buying another. Both suppose to close in 10 days. Just found out title problem on new house-owner never removed his deceased wife so now must post in paper for 30 days. Our buyer won't budge on closing date. We have 3 kids, dogs, chickens....and no house! We are told we are bound to sell on the 24th but can't walk away from buying the new house. We have asked to rent from seller but they are not responding and we are running out of time!
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 3 months ago.

Hello: This is Attorney Phillips. Welcome to Justanswer! I will be assisting you today with your post.

I am sorry to read about your difficulties.

I have carefully reviewed your post. However, I did not see a specific question. What is your specific question?

Thank you for your cooperation,

Customer: replied 3 months ago.
Do we have any rights as buyers? What happens if we walk away? How can we be left homeless?
Expert:  Phillips Esq. replied 3 months ago.

Thank you for the information.

Walk away from the sell of the house?

Customer: replied 3 months ago.
Either the sell or the purchase
Expert:  Phillips Esq. replied 3 months ago.

Thank you for the information.

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.

If you do not have any follow-up question(s), kindly give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this.

Thank you for your cooperation.

Customer: replied 3 months ago.
Our purchase and sale stated that a 30 day extension on closing could be if there were any problems with the title...can we still walk away?
Expert:  Phillips Esq. replied 3 months ago.

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.

Customer: replied 3 months ago.
What is specific performance?
Expert:  Phillips Esq. replied 3 months ago.

Lawsuit to force you to continue with the sell or the purchase. Lawsuit to perform pursuant to the contract that you signed.

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