Seller refusal to sell

[manojsingh]

Hi,

After accepting the offer seller is refusing to sell. What legal or other options available to buyer.I already paid the deposit and got mortgage approval. Please advice what should I do. Its good deal but seller is having 2nd mortgage on this property and he seems to be short of money even after selling.Thanks for your help.

 

[MonteDobson]

Take legal action...the seller is under contract to sell you the home!!

 

[DonCampbell]

Immediately send the purchase contract to your lawyer for review to ensure there aren`t any holes in it. Then they will tell you what your options are for compensation or take-over of property. First thing Monday morn, don`t let it sit and wait!

 

[Thomas Beyer]

QUOTE (manojsingh @ Nov 16 2008, 08:32 PM) Hi,

After accepting the offer seller is refusing to sell. What legal or other options available to buyer.I already paid the deposit and got mortgage approval. Please advice what should I do. Its good deal but seller is having 2nd mortgage on this property and he seems to be short of money even after selling.Thanks for your help.
... he may be unable to discharge his 1st and 2nd mortgage obligations .. so walking is an option as is:

file a caveat on title .. assess contract .. file for damages ..

get a legal opinion

 

[Dan_Eisenhauer]

You need your lawyer`s opinion.

I once tried to get out of an agreement, thinking that I had done everything I could to get a first mortgage. The Seller offered a VTB, which I refused. (The agreement was "subject to my getting a first mortgage", and mentioned nothing about terms and conditions acceptable to me.)

When I refused to close, the seller sued for specific performance, ie. forcing me to close. We settled out of court for a significant amount of money.

 

[manojsingh]

Thanks a lot for reply. My seller got scared and finally agree for sell but with date extension. I really appreciate Thomas, Don, Monte and Dan for sharing their knowledge.