Can seller get out of signed contract?

Question

I just purchased a home But close of escrow will not be for another 60days due to the home being purchased thru an auction with FHA loan. Just wondering if the seller has a way out of contract. I do not mind the wait..the house is worth but do not want to wait all this time then in 45days the seller says nevermind I do not want to sell anymore..or something like that.

Is there any questions I should ask or something I should be looking for?

Answer 1

Of course, there is always a way out of a contract.

Review your contract, especially the section which states "Recourse for termination of contract" - or something to that effect.

It will state when, and why a seller can cancel a contract - and what your recourse is as the buyer.

Answer 2

Once the house in escrow, the seller cannot get the money back without you agreeing to permit it to be paid out.

Anyone can breach a contract if they are willing to pay the price for doing so (your money damages for losing the buy).

You can keep her tied up in escrow if she attempts to do that.

If this happens, I suggest you obtain the services of a real estate attorney.

Answer 3

It depends on the contract you signed.  It is possible but unlikely.

A seller generally wants to sell.

Answer 4

this is standrd time frame on a hud repo

Answer 5

yes the seller can back out at anytime but because it was an action dont worry about it.

Answer 6

If you purchased the home through an auction, you are more than likely buying it from the bank as a forclosed property.60 days is standard time, if a contract was signed they cant back out, they can be held liable if they dont go thru with the deal.