Seller Wants to Back Out After Contracts Are Signed

[Brad Gibson]

Submitted a full price offer for a 3/1 with a guest house. The numbers work great after house is rehabbed. Offer was signed yesterday by seller & I paid both earnest money and option fee. 

This morning, the agent calls to say the seller was confused and really didn’t want to sell it at that price. That was the price he wants to net. Seller says he wants 10% more to go through with sale. The seller is refusing to go forward with the sale & basically indicated there is nothing that can be done. 

Seller’s agent indicates he simply won’t cooperate with the sale & wont show up to closing. 

Anyone ever have this type of thing happen or have advice on how best to proceed? It is a standard TREC contract. 

Thanks in advance. 

[Jay Hinrichs]

@Tom Gimer  Ya the buyer can't get his EM back unless the seller signs.. as you know.  so when that pearl comes up.. both probably walk away unhappy.

@Thomas S.  the seller can sell to anyone he wants.. only way the buyer could make that tough is if he files a lis pendance and that cost a ton of dough.. as the OP has already figured out.. unless his attorney works for free he has already spent money to be told this is a dead deal.

sometimes you just move on .

in 40 plus years of transacting real estate I have done ONE specific performance case and we won it.

but completely different scenario I HAD to ... I had paid the sellers back tax's to the tune of 45k and given her another 20 k of non refundable EM.. so I had 65k large invested in the deal and she refused to go in and sign..

10 k in attorneys fees and 2 years later I won.. then I had to evict her because she would not move that took another 6 months..   this run to attorney and think they can wave a magic wand and make stuff happen is just flawed thinking..

this case is worth NOTHING.. the buyer should just move on and chalk it up.. what are his damages really.. that's what it boils down to.. he gets his deposit back he gets his EM.. he is out a little time.

In my case even with a court order the lady would not sign.. Title company transferred title to me using a court order.. I had never seen title transferred without a deed before .. so that was new.