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I in contract on a short sale property which expires on

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Hello I in contract on...
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: 1 year ago.Category: Legal
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Answered in 5 minutes by:
8/24/2016
Lawyer: Barrister, Attorney replied 1 year ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 38,679
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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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.

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Lawyer: Barrister, Attorney replied 1 year ago

Can you tell me where you are in the process?

.

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

.

How far do you want to pursue this?

..

thanks

Barrister

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Customer reply replied 1 year ago
What are my options here
Customer reply replied 1 year ago
Hello are you there
Lawyer: Barrister, Attorney replied 1 year 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.

.

.

thanks

Barrister

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Customer reply replied 1 year ago
Thank you how often is this done and what is the rate of success
Lawyer: Barrister, Attorney replied 1 year 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..

.

.

thanks

Barrister

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Barrister
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 38,679
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Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs

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