We are in contract with a developer to close on or before June 30, 2009. Now they say they want to put it
off for a year because their buyers can't get a mortgage. They want to build 55 and over housing. What are our rights as far as holding them to the contract? We were all excited about the move this summer. What if next year the economy doesn't get any better. What legal recourse do we have? We are selling our home to them.
Terry- is it because they can't get a mortgage or their buyers can't get a mortgage? Either way get a letter of denial from the underwriting department of a reputable lender as proof, don't just take their word. Ask your attorney aboiut specific performance.
Dear Terry, Your contract may have a mortgage contingency clause in it. The best thing for you to do his contact the attorney that you hired for the sale and be guided by his or her legal advice. Peggy
Refer too executed contract signed by both parties which governs what seller/buyer performance of a contract. IF seller breached performance demand via certified letter your money returned. If not confer with real estate attorney.
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Fair Housing and Equal Opportunity