Reply to Buyer backing out of no contingency contract

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[quote=Anonymous][quote=Anonymous]They are in breach of contract.  A letter from a lawyer to the buyers stating that if they don't go through with the contract, you will sue them and pursue every type of possible remedy might cause them to reconsider walking away from the contract.  Also, if you re-list the house and your highest offer is less than the contract price, you could sue the buyers for the difference between the contract price and their offer.

Bottom line- you need a lawyer ASAP.[/quote]

I am not an attorney or an agent, but this is not exactly correct. They aren't in breach yet. Since every other contingency has been met, they wouldn't be in breach until they fail to close on the closing date. So if you come in and say you are going to sue and try to force them to honor the contract and buy your house, then they have every right to keep the house under contract until at least the contracted closing date and probably after if you pursue legal action. 
Coming to you early may piss you off, but from a practical standpoint, they are trying to get their some or all of their money back, but you get to put your house back on the market.

And forget about suing for specific performance and trying to force someone to buy your house. No court in the world would make someone do that.

So the question to the OP is, does he want to sell his house, or does he want to try to stick it to this buyer? If he wants the former, the choice is clear. Release the contract and move on.

And to be honest, if it is early on and the market is hot, what is really lost by coming off the market for a week or two? If you end up selling anyway, then the actual damages done to you are pretty minimal. Certainly not worth hiring lawyers and what not. [/quote]

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