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ScottyMacEsq
ScottyMacEsq, Attorney
Category: Legal
Satisfied Customers: 17065
Experience:  Licensed Texas General Practice Attorney
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I put a house on the market and have a buyer. Loan is

Customer Question

I put a house on the market and have a buyer. Loan is approved but I want out off selling. What is worst case.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Colorado
JA: Has any paperwork been filed?
Customer: No paper work has been completed.
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 1 month ago.
Category: Legal
Expert:  ScottyMacEsq replied 1 month ago.

Thank you for using JustAnswer.

I'm sorry to hear about your situation. Worst case scenario is that the buyer sues for breach of contract, you pay the attorney fees, costs, interest, AND "specific performance" (meaning that you transfer the property to the buyer). Specific performance is the type of damage that you can expect being the seller of real estate, as all real estate is unique. You can't really pay the monetary damage when you had a contract to sell the property.

Now as to what's the most likely scenario, that's hard to tell, and ultimately depends upon the buyer. If the buyer is dead set on the house, he can force the sale of the house. But if the buyer is willing to back out, then there might be a better option available to you (settling with the buyer for a lesser price, where you get to keep the house).

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

Thank you, ***** ***** luck to you!

Customer: replied 1 month ago.
Great help
Expert:  ScottyMacEsq replied 1 month ago.

My pleasure and thank you. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!