Just Looking, Both Buyer and Seller in 28531

my seller is backing out of our deal and we have a contract. he signed a short sale addendum too.

Asked by Just Looking, 28531 Mon Jul 6, 2009

his realtor told us he won't sign because he is filing for bankruptcy, now what?

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Brian Gormley, Agent, Bethesda, MD
Mon Jul 6, 2009
generally speaking, if the owner of the property has filed for bankruptcy and the property remains tied up in bk court, then he can't convey clear title, and has defaulted under the contract. no title company will be able to insure over this. the buyer could sue for damages I suppose, but query what damages they have/can prove. alas, your deal has fallen apart, and if you are on the buy side, it's time to move on.
1 vote
Dallas Texas, Agent, Dallas, TN
Mon Jul 6, 2009
Your buyers agent is best resource review the contract terms and conditions.

Short sale requires lender approval for seller sale the property

Best work in concert with your agent, if not move on to another property request for earnest money returned. You can also confer with real estate attorney

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Web Reference:  http://www.lynn911.com
0 votes
Daniel Eberw…, Agent, Clayton, NC
Mon Jul 6, 2009
To find out if you have any legal recourse, you'd need to consult a real estate attorney. But sometimes, you are just better walking away and finding another house.
Web Reference:  http://www.tri4sale.com
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