Forum Archive

Anyone have experience with a seller trying to get out of a sale at the tail end?

We’re trying to schedule closing and the seller is trying to get out of it. They actually don’t have enough money to close, because they are in more of a financial pickle than we had any idea of. (We had no idea there was any pickle.) They owe the bank approximately what we’re in contract for, which leaves nothing for transfer taxes and their real estate agent.

We’re loathe to walk away since that would mean eating what we’ve spent on lawyers and mortgage applications, not to mention lost time going back with inspectors and whatnot.

Any ideas? Our lawyer is great, but he’s basically saying that we can try to force them to perform per the contract but it will drag out, because they don’t have the money.