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Updated over 3 years ago,

User Stats

7
Posts
1
Votes
John Wong
  • Involved In Real Estate
  • Las Vegas, NV
1
Votes |
7
Posts

Seller breached real estate purchase contract

John Wong
  • Involved In Real Estate
  • Las Vegas, NV
Posted

Hi, Im a realtor in Las Vegas, NV representing a buyer and we got an accepted offer and opened escrow, ordered home inspection thus far. Everything is running along smoothly until I get a call from the listing agent saying that seller would like to cancel due to unforeseen circumstance which would need them to net a higher selling price so ultimately they need to cancel and is instead taking the house off the market. We offered 10k below asking which is more likely to appraise given the comps and unlikely to appraise if we offered sellers original asking price so we all agreed on our current contract price.

Is seller legally obligated to proceed with the sale? If we hire attorneys, Are we able to enforce the sale or would the courts be reluctant to force the sale upon the seller? At this point seller is willing to pay for the expenses incurred by the buyer to make this sale proceed but a deal is a deal and written in standard legal purchase contract here.

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