Expert: Dick Dennis - 9/30/2007

Question
Mr. Dennis,
My husband and I went into contract with a house in Arkansas.  We are to close on the 26th of this month.  The sellers contacted the real estate agent on Friday to announce that they are afraid they cannot afford the finance charges set by their bank to get out of the house.  My husband and I were on our way to getting married so we didn't have much time to discuss it.  My real estate agent suggested that we begin looking for another house.  My husband and I have already began the process of getting insurance, inspections, and the like started.  What are our rights in regard to the contract being breeched by the seller?  Should I contact a lawyer?  

Thank you so much!

Answer
Yes! A real estate lawyer. You are going to have to sue for "specific performance." I do not understand the sellers' excuse that "they cannot afford the finance charges set by their bank to get out of the house" unless there is an exhorbitant payoff penalty. You attorney will take care of this matter pretty fast. I do wish you well.

Dick Dennis     dixiedee13@aol.com