I’m a realtor and loan officer not qualified to give legal advice but my understanding is that a seller can’t back out if you are performing on your end. If the seller backs out you can arbitrate him at Sdar and he can be liable for specific performance (he must sell you the house) or give you around 3% of the house price or your earnest money deposit . If it’s around day 15 and you haven’t removed everything but your loan contingency he could give you the buyer your notice to perform and then cancel escrow in 2 days at day 17. The seller can’t just decide he doesn’t want to sell to the buyer for no reason without getting sued or arbitrated .
At this point the buyer has already been out inspection and appraisal fees and the listing agent could sue the seller as well for his or her commission if they have found an able and willing buyer.
You should tell your agent to call her Sdar free legal help line to register the property address so the other agent is forced to hire a costly attorney if the situation gets worst.
What day are you in escrow and has the seller given you a “notice to buyer to perform ” have you missed a deadline?
FYI sometimes sellers will try to scare the buyer away by disclosing “foundation problems , needs work, roof leaks, slab leaks , mold ” then deny the repair requests in hopes the buyer will take off on his own so the seller can’t be sued .
Escrow must remain neutral in this situation and can only act if both seller and buyer agree. Buyer could hire an attorney who could file a Lis pendens to cloud the title so
Seller can’t sell to someone else.
What does your agent say ?
Actually here is your answer :
Basically you have a seller breach and unfortantely you need to sue the seller and try to get both sides agents to push the seller is saying they will
Seek commission from them if they try to back out when the buyer is performing .
