Legal Question in Real Estate Law in California

Re: contractual performance

Under the limited facts given, and assuming the Buyer was not in breach of any of the covenants in the purchase agreement, then B will almost certainly prevail. The curious part, however, is that generally escrow will not refund the deposit unless the Buyer agreed to the cancellation which would include a cancellation of the purchase agreement. From your post I assume you are the seller. As such, I'm not sure what makes you think that you can cancel a purchase contract just because you suddenly found a "better deal?" What you are doing is exactly akin to cancelling one escrow last minute because you received a better offer from someone else - I would venture to say you would agree that is not permissible? You need to quickly review your purchase agreement with a qualified attorney to see if you have any right to cancel, and if not, I would suggest you start saving your money for a good defense attorney. By the way, I would be really careful about claims made about loan modifications - even attorneys may not be particularly skilled at modifications, and you may not get the deal he or she is promising, and by then you will have lost the buyer on your short sale.

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