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We are selling our home in Oklahoma. We are 9 days from closing. He says that he can't buy the house
anymore. In Oklahoma we can sue for specific performance. We have a signed contract on a house ourselves and likewise the seller of our new house has signed an contract and so on. Being so close to the closing date we all have incurred most all fees at this point. Can this buyer back out of the contract at this point without just forfeiting his earnest money, since we can go after specific performance? I have contacted some attorneys and are waiting to hear back. They buyer still has not backed out of the sale. He said he will contact the realtor on Monday to let them know what they plan to do (that is less than a week away from the sell and 4 days from when the moving trucks come!)
Thanks.
Fri Feb 15 2008, 16:23 - Oklahoma - Home Selling - 5 answers
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| Susie Genet was FIRST TO ANSWER | ||
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I am not sure why a Reserve member would not get a housing allowance unless he is drawing it on another locale. Is this a VA loan??? If so, It would have a financing contingency that says if he doesn't qualify he doesn't buy....Have your Realtor speak to the buyers lender....Good Luck and please keep us posted.
Thu May 8 2008, 09:30
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It may be that without the housing allowance, he will not qualify for his mortgage. My opinion (and I am not a lawyer) would be that the only way you would have a shot at suing for specific performance would be if he is still able to qualify for the mortgage without the allowance. Your best option, though, might be to come to a speedy resolution and get the house back on the market as quick as you can so that you can find another buyer.
Sat Feb 16 2008, 09:56
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He is in the Army reserves and he said that he received an order on the 14th saying they were not going to offer him a housing allowance
Sat Feb 16 2008, 06:26
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I agree with Susie... need more info. What reason is he saying he wants to back out? Are there other contingencies on the contract that would let him get out of it?
Is it he can't buy the house or won't buy the house? Sat Feb 16 2008, 03:56 Web Reference: http://www.sumnerrealty.com
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FIRST ANSWER
Michelle, you didn't state why the buyer can't buy the house. If the reason is because he can't get a mortgage, then suing for specific performance will be pretty much impossible. This is a very frustrating and stressful situation for everyone involved. If the buyer does back out, you should consult an attorney to discuss your option.
Fri Feb 15 2008, 17:42
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