search "specific performance" then select "LAW. " Some good information on breach of contract is available.
I think the seller should at least have to discount the difference from my original offer. My agent says that the seller will most likely tell me to go pound sand and refund my earnest check. This isn't fair. In my opinion, the seller is in breach and Im thinking about getting an attorney to enforce the terms of the contract. What does this group think?
That is right. In this situation, the seller is the one trying to back out the contract claiming that they just found out some disagreement with their lenders about the short sale vs their credit status. That the lenders told the seller that their credit will be reported neagively upon the short sale because of the money that lenders are giving up to the seller by the lenders due the amount they own is way too higher than the price they can sale to us.
We really like the property and i think it is considered a great deal for us too. Is it worth to sue the seller ?
Once your Realtor gets the facts on this situation, have him/her talk with their in-house broker and/or legal counsel to see if there's anything you can do in this situation. It seems the sellers are backing out early in the escrow process, so there may not be much you can do here.