Seller is backing out of contract!

I can't believe after a month of signing the contract, the seller is trying to weasle his way out of the contract!

I've been on the internet looking for houses for the last 4 hours. UGH!

Good Luck Jyoti

I am sorry to hear this, are you currently renting, b/c if our seller backed out now we would be in BIG trouble, our co-op is sold.. What happens then? I didn't think that was allowed.

I'm so sorry!

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Posted by [email protected]

I know this is not the point BUT, the good news is that you can sue for time lost, and use that $$$ towards the downpayment of your next home... Maybe its a blessing.

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yes, they're liable for that contract - I wonder why they're trying to get out of it? Either way, you should be eligible to get all of that money returned if you both did sign the contract.

Good luck

Its very probable that the seller found a better offer. And believe me if this is really the truth, the seller will never tell you this. People are greedy nowadays in this market. Read my other post in this form in the 'accepted bid' thread about making a 'secondary offer'. People are sneaky... they will make offers on houses that are already in contract knowing that the seller can bail out of a contract much easier than a buyer can.

I also doubt you can sue for lost time, especially after just being a month in contract. I know when I was selling, my lawyer pretty much told me if I had to back out at any time, it wouldnt be a problem.

If the seller backed out of this contract... all he is really responsible to refund you for are any lien or title searches your lawyer may have processed. Oh... and your deposit obviously.

You can sue him otherwise... but the expense to you would probably be more than its worth in the end.

I know my FW has her heart set on buying a house in Long Island (grew up in houses all her life). Im a Queens boy... lived in apartments for all of mine. I just bought a nice 2br co-op in Oakland Gardens Queens... and I really don't see myself moving out anytime soon thanks to this bad housing market in Long Island. Im not saying I don't want a house. I would love a house. But right now the prices are just outrageous. I got a good deal on my 2br and am locked in a sweet interest rate. Its just not worth all the headache and aggrevation IMO.

Good luck with your search.

This is why I feel the seller should have to put down a good faith also. I hate that all of the NYS laws protect the seller and not the buyer.

You can sue for breach of contract-but I don't know how much money you can get. But if you really want the house it's worth asking a lawyer about. The idea of a lawsuit might be enough to scare the seller into going ahead with the deal.