Q: Seller backed out of real estate contract at closing, what can I do as a buyer?
I was under contract on a property set to close on 6/14/21. As the buyer, I fulfilled all requirements per the contract. My down-payment and closing fees were wired and waiting at title office. When I arrived at the title office for closing I was informed by my realtor that the seller did not sign and walked out at closing. This was due to a second mortgage on the property they did not agree with. I do not know if it was the dollar amount or the entirety of the mortgage they disagreed with. This is something they should have been aware of when they sent the title commitment 3 weeks prior to closing on 5/22/21. The seller is in breach of contract, in my opinion acting on bad faith. The house is not going back on the market. What are my options as the buyer in this situation?
A: You could sue seller and ask the court to order the closing to proceed. But that could take months. Talk to the real estate agents. Perhaps the issue with 2nd mortgage can be quickly resolved. If not, use the Find a Lawyer tab to retain a local real estate attorney.
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