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Buyer Hit a Snag |
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I am selling a house. We had a contract to close yesterday, May 14th. Unfortunately, the buyer changed jobs last week. Because of the job change, the lender will not qualify the buyer until she recieves a 30 day pay stub. That will be on June 17th. I want to void the contract and put the house back on the market but my realtor informed me that I have to have a release from the buyer if I wanted to accept another offer. The buyer still wants the house and says she will not sign a release. Since the buyer did not make the closing date and will not be able to close until at least June 20, do I as the seller have the right to void the contract, put the house back on the market and accept another offer without haveing a realese from the current buyer? |
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I haven't seen your contract, and I don't know whether it says time is of the essence. Your own lawyer is the one to look it over and tell you whether you have an out or not. Don't do anything without your lawyer's guidance. You could be in real trouble if you started with another buyer at this point. |
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Edith
Originally published on May 15, 2008 |
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