Q: I accepted on offer on my condo and the buyer wants to back out and won't pay the earnest money - what should I do?
An offer was made, I countered, they accepted. We signed the contract that included earnest money. We even did an amendment for something they left out of their offer. Now, they didn't pay the earnest money, and sent a cancellation of the contract and don't want to pay. I countered saying we can cancel the contract if they pay the earnest money. Now, they won't answer calls or anything from their realtor or mine. I can't sell my condo since I'm still in a contract with them, and I need to since my close date on the house I am moving to is 1.5 months away. What should I do?
A:
You have a few options. You can sue the buyers for specific performance (that means forcing them to buy the house). You can sue the buyers for the earnest money.
You can put your house back on the market. If the selling price is less than before, you can sue the buyers for the difference and the earnest money. If you choose this option, you should not worry about the (now) terminated contract.
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