Q: can I open a dispute for my home to get the buyer's deposit money & at the same time sell my home to an ibuyer(opendoor)
I'm selling my home and the buyer backed out 1 week before close of escrow citing that market is cooling down so either we decrease our house price now or he wants to back out. no contingencies. so if we, as sellers wish, then we are entitled to all the initial deposit money that the buyer paid.but the buyer is going to open a dispute/lawsuit to get all his deposit back.we are okay with fighting the case but we are also buying another home & we have to close our current home in order to close the home we're buying.my question is, can we open a dispute and still go with another seller for our home?we already have an offer from iBuyer -opendoor. or is our house locked(that is we cannot sell it) until we resolve the dispute of Ernest deposit?
A: The simple answer is yes you can sell to another buyer if your current buyer officially backs out. The dispute with the current buyer is simple the cash on deposit. You will want to speak to your broker and a real estate attorney to have the proper demand letters and legal process taken.
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