Expert: Ray Beggs - 2/28/2007

Question
We recently put a bid on a house and were accepted.  We provided the earnest money two days ago.  Yesterday the sellers recanted their acceptance and went with another buyer.  Is that legal?

Answer
Hi Michelle,

Is it legal? Yes. Is it ethical? Probably not. There's the problem. It may have been a rotten thing to do but there also may be nothing you can do about it. There are many ways for a buyer or a seller to cancel a contract during the escrow period. Personally, I would probably just move on and find another home to purchase. The headaches of trying to pursue some sort of monetary remedy or to try and force the sellers into going with you will probably not go anywhere, because of the short time that you were in escrow with them.

This is my opinion, of course. You should do what you feel is right.

Best of luck,

Ray