Expert: Jessica Bryan - 8/16/2008

Question
hello im jose and i would like for you to please help me. ok my problem is that im selling a home and all the paperwork was signed the escrow was closed and every thing was set up. the escrow closed on the 31st of july 2008 i was supposed to get my money deposited to my bank account on the first of august, but the buyer now wants out.the reason he wants out was because the back gave him a 15 year contract to pay the home and he wanted a 30 year contract. he said it was too much money, and now he wants out. i really want to prevent him from backing out. the home was inspected twice so thats ok and i like in a really good zone.
thanks for taking the time to read this
i hope you can help me

Answer
Dear Jose;
If everything was signed I can't imagine how the deal didn't close!  However, it sounds like the Buyer asked for the bank not to fund the loan.  You should consult an attorney immediately since your Buyer is in violation of contract not to close once everything is signed.  However, it is important for an attorney to look over the agreement to review what protection was built into the contract.  Then, if the Buyer doesn't conclude the sale, you can possibly recover costs and damages.  I should caution that if there was a provision about the loan with specific stipulations as to the terms of the loan, and that is what the buyer signed,the Buyer may actually have the right to back out in the event that it is not what the bank is giving the buyer as a loan.  This really depends on how the contract is worded.  That is why I said that you should contact an attorney to review all of the documents.

Good luck and best wishes,
Jessica Bryan