Expert: Karyn Foley - 8/18/2008

Question
I went into escrow 6 days ago and was told today the seller has changed his
mind about selling.  What rights do I have and what recourse can I take?  (I live
in CA, my agent has never seen this happen before either)

Answer
Dear Bill:  This is an irregular and unusual market, and everything is happening, seemingly for the "first time".  You have rights, and you have recourse, but it could be a lengthy and expensive process.  I think you should consult a real estate attorney who can give you legal advise, and explain all the directions you can go, and what action you need to take.  However, it just may not be worth it to you to continue.  I would sit down first with you agent's manager or office/company owner and have a discussion about this.  You deserve some consideration from all parties.  I never feel that, at the beginning, it is worth it to go after a situation like this, as you have spent no money so far.  But, I would make certain, through your lawyer, that this seller does not sell the property to any one else either!!!  It is a buyer's market, and there are choices of homes. Protect yourself, get legal opinions on your options, put your ego aside, and do what is best for your situation. This should be a business decision, not an emotional one, but get legal support first!
You will find out that once your know how to handle this, the way out is simple and do what is best for you.  Good luck.