When can a seller back out of a contract?
We were all set to close on Nov. 30th, and we received a call from our Agent that said the sellers were backing out because the well flow test at their other house did not pass. We have already spent a ton of money on this house (Appraisal, Loan Application, Well Flow Test, Inspection,etc). What recourse do we have to get refunded from the sellers? The contract was contingent upon the successful closing of the house they were purchasing. Can we request a copy of their other contract, and the well flow test to assure that this was actually in their other contract? What can we do to recover some of the cash we've already put into this purchase?
You should be entitled to get your deposit money back. However I would not anticipate getting any other funds back such as inspection money you spent.
It was written in the contract that they must close on their house in order for you to get their pre-existing home.
Are you selling a home as well or renting?
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Fair Housing and Equal Opportunity