Legal Question in Real Estate Law in Michigan
What is the recourse against a buyer that backs out of a signed contract for the purchase of a home? We have had a contract for almost three months. The house appraised for the asking price. Now buyer says he won't have enough equity and wants to back out. We have been waiting for the money from this sale to buy our retirement home. The people we are buying from have been very patient but are not going to wait much longer before they put that home back on market. We are very upset. We were so close to closing finally- this friday! Any advice would be very much appreciated. Thank you.
1 Answer from Attorneys
Read your purchase agreement, but this would constitute a default and they would lose their earnest money deposit, which you would likely have to split with your realtor if you have one.
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