Seller Backing Out- What Action To Take?

2 weeks ago I signed a P&S with e homeowner in foreclosure, A quitclaim was sent to his exwife in Ireland with vericiation that she would receive half of the proceeds from the sale. Home inspecton was set for this past Wed. I went on vacation last week. Called when I got back to touch base and confirm inspection date. Seller has not returned any of the several calls I have made since Monday. My atty is looking into whether I can file a Lis Pendens if there is only one signature on the P&S and we have not received anything from the exwife who is also on the deed.

Has anyone had a prefor back out on a signed agreement? How did you resolve this? If another investor has offered him more money and convinced him to break our contract I would have liked ther opportunity to renegotiate so that I did not lose the sale. I am debating filing a lis pendens so that he cannot sell. Any thoughts?

Comments(2)

  • pushcart15th July, 2005

    sorry for the typos!

  • pushcart15th July, 2005

    Hi JS

    Based on your quote

    "I am sure that I have everything properly tied up legally."

    How do you do this without a lawyer? I am thinking of drafting the P&S myself in the future but how can I prevent an owner from backing out?

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