Tina, Home Buyer in Metairie, LA

For some reasons if the buyer is unable to purchase a home and the closing date is passed and the agrement is finished.but the seller is not signing

Asked by Tina, Metairie, LA Wed Jun 5, 2013

the cancelation form.can the buyer start the process for buying another home,or he should wait until he receives the cancelation papers signed by the seller

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4
Brek Schutten, Agent, Grand Rapids, MI
Wed Jun 5, 2013
Your Realtor should know the situation a little better, but you may be continuing on without your Earnest Money Deposit until the sellers sign. It would also depend on why the buyer is unable to purchase the home.
Web Reference:  http://www.BrekSchutten.com
0 votes
Joseph Scroc…, Agent, Wildwood, NJ
Wed Jun 5, 2013
it depends why the buyer is unable. was it financing, property condition, change of circumstance out of buyer's control (loss of job, death of spouse)??

In some cases the seller can bring suit for specific performance by the buyer. What that means is the seller can sue the buyer to complete the purchase.

why is the seller not signing the cancellation form? I would disagree with Ron and not pursue anything until there is a signed written cancelation from the seller canceling the deal with no further obligation on buyer or seller. Like Ron states, your deposit may be lost.

I would have your attorney on speed dial. If the seller does not sign they may be preparing a suit at which time you need to get your attorney involved.

I am not an attorney and not in any way suggesting or providing any legal advice to you. However, these are possible seller's options depending on why you can't complete the transaction.
0 votes
Pete Bruinsma, Agent, Grand Rapids, MI
Wed Jun 5, 2013
Its pretty tough for a seller to make a case for keeping your deposit if you have not violated any terms of your contract. Hopefully your agent is able to get you through this situation, Hope it goes well!
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Jun 5, 2013
From the information you provided;
you can probably go one and do your thing,
but you may be doing it without you deposit.
0 votes
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