Q: Can I breach a seller contract if I am homeless?
I have signed a contract to sell the house I live in. We signed another contact to buy a house. The latter, the house we’re supposed to move into, has significant water damage and we no longer wish to purchase it. How can we keep our current house, so that we are not homeless?
A: The answer to your question is found within the purchase agreement you made with your buyers. Of course you can breach. The question is what will breaching cost you versus other remedies you may have for relocating (buying another house or renting). You need to review what remedy the buyer is going to have in the instance of your breach.
A: If you or your buyer have a real estate agent, talk to the agent to try to get it worked out. If you refuse to sell, that is a breach of the contract, and you must return the earnest money. The buyer might then sue you to enforce the sale and for any expenses they incur because you refused to sell, but that lawsuit could take months, and allow you time to find a new place. Use the Find a Lawyer tab to retain a local real estate attorney who can review your sales contract and advise you of your options.
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