When The Seller Backs Out?
Q: I'm trying to buy a home in the Minneapolis area. It's been under contract for about a month. We're supposed to close at the ned of next week. The seller has been making noises about wanting to back out and it's obvious that he isn't making any attempt at moving. (He has an incredible pile of garbage stored in the garage and house and a renter who doesn't think he's going to have to leave. It would easily take a couple of weeks to clear out the building, he hasn't started.) We, on the other hand, are packed and have repair contractors lined up to start work the week after we close on the house. (It's Minnesota, we don't have a lot of time to get this work done before it's winter again.) Our realtor has told us that we have nothing to be concerned about because the seller can't back out of the contract. She has been less than expert in many respects, though, and I am not reassured. What I would like to know is how precarious is my situation? We have given up the lease on the house we are renting. We have made some committments that revolve around this house. Do I have any rights in this matter? Or is going on contract with a flaky seller no more binding than a handshake? Our seller is 3/4 of a year behind in his mortgage and in debt to most of the world. I don't think suing this guy would be much of an opportunity.
A: Tom, I took the liberty of removing all of the other newsgroups from this reply, so that it would not get crossposted to the other 4. It sounds like you have quite a potentially difficult situation to deal with. In my area, SW Missouri, our standard real estate contract has a clause that states what happens