Expert: Sue Bernstein - 7/5/2006

Question
i was told when i signed the contract of the person buying my home they prequalified for a bridge loan and are prepared to out right buy my home.that did not happen..then they where going to take out a mortgage instead..that did not happen..now they want to sell their home first in order to buy my home. our closing date was for aug 1,2006.3 wks away..it's not happening and they want an extension on a contingency..i want to void this contract since this buyer has not done what was told to me..please tell me what i should do?...if the buyer told me up front they needed to sell first..i would not have taken their offer.please help, laural  

Answer
Dear Laurel An,

You are under no obligation to grant your buyers an extension to their contingency.  If you are in the state of California you need to give them a Notice to Perform followed up by a Removal of Contingencies form.   If they don't perform by removing their contingencies you can then cancel the contract.  If you are not in California your agent can advise you how to cancel but the bottom line is if the buyer is not performing you should be able to cancel.  

Hope this helps and good luck.