Denver, CO asked in Real Estate Law for Colorado

Q: How can seller cancel contract with buyers in Colorado?

Seller in foreclosure, listed house with me, now have contract with buyers. Seller since found a way to stay in her home and doesn't want to sell. Buyers' agent wants to sue everyone. How can I help her stay in her home?

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1 Lawyer Answer
Timothy Canty
Timothy Canty
Answered
  • Evergreen, CO
  • Licensed in Colorado

A: Generally, a buyer is entitled to specific performance of a real estate contract as long as the buyer has not defaulted on any material terms. However, your seller could break the contract legally by filing a Chapter 7 or Chapter 13 bankruptcy. There are many other consideration before deciding on this course of action, but it would accomplish what she wants. A Chapter 13 would also allow her to cure back taxes or mortgage payments.

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