Legal Question in Real Estate Law in Wisconsin

Seller backing out BEFORE closing for no reason

We have an accepted offer on a house with earnest money; we have an accepted offer on our current home with closing on 7/31. Closing and occupany on the new home were supposed tp coincide with that. We found out today that the seller lost financing on their new home and they want to back out of the sale. What are my legal options? Can I sue them? If I sue to enfore the contract, how fast can that happen? We are supposed to be in that house in less than 2 weeks!


Asked on 7/18/07, 3:33 pm

1 Answer from Attorneys
Jason Greller Attorney Jason A Greller - Real Estate Lawyer, SC

Re: Seller backing out BEFORE closing for no reason

The Seller cannot simply back out of the deal. Assuming that you are not in breach of any material terms of the contract you may sue to enforce the contract. Of course that process takes much, much longer than 2 weeks. Your best option may be to hire an attorney to contact the Seller to explain that the Seller will be defaulting on the terms of the contract and will be responsible for any and all damages you sustain. What the Seller needs to do is to move out and find interim housing. This should not be your problem - it should be entirely on the shoulders of the Seller. Please feel free to call me with any questions at 608.255.2560.

Read more
Answered on 7/19/07, 9:48 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Wisconsin