What is the name of your state? Pennsylvania
My husband and I are selling our house and moving into a new house.
We have not yet settled on either. Settlement to sell our house was to be Friday, July 15th. Our mortgage was not approved for our new house, leaving us with nowhere to go. The buyers are getting antsy and want to move into our/their new home. This is understandable.
Our mortgage person is trying another avenue to get our mortgage approved (my husband has bad credit, so they are doing a mortgage in my name only, thus the hang-ups).
Can the buyers force us out if we don't have a place to go?
The contract says the following, but I'm not really sure what it means:
DEFAULT:
Time is of the essence with respect to performance of any obligation arising under this Agreement. Compliance therefore must be made by the specified date(s) or seller may, at seller's sole election, hold buyer in breach of this agreement. (stuff that doesn't apply because the buyer hasn't done anything wrong)
Should the Seller violate or fail to fulfill and perform any of the terms and conditions of this Agreement, Buyer may elect:
a) to pursue Buyer's remedy for specific performance of the Agreement; or
b) proceed against the Seller for Buyer's Damages; or
c) receive a return of the deposit money and also be entitled to receive an addition sum equal to the deposit money paid on the account as liquidated damages which amount the parties agree is a reasonable sum and not in the nature of a penalty.
That means they can sue us, right?
My husband and I are selling our house and moving into a new house.
We have not yet settled on either. Settlement to sell our house was to be Friday, July 15th. Our mortgage was not approved for our new house, leaving us with nowhere to go. The buyers are getting antsy and want to move into our/their new home. This is understandable.
Our mortgage person is trying another avenue to get our mortgage approved (my husband has bad credit, so they are doing a mortgage in my name only, thus the hang-ups).
Can the buyers force us out if we don't have a place to go?
The contract says the following, but I'm not really sure what it means:
DEFAULT:
Time is of the essence with respect to performance of any obligation arising under this Agreement. Compliance therefore must be made by the specified date(s) or seller may, at seller's sole election, hold buyer in breach of this agreement. (stuff that doesn't apply because the buyer hasn't done anything wrong)
Should the Seller violate or fail to fulfill and perform any of the terms and conditions of this Agreement, Buyer may elect:
a) to pursue Buyer's remedy for specific performance of the Agreement; or
b) proceed against the Seller for Buyer's Damages; or
c) receive a return of the deposit money and also be entitled to receive an addition sum equal to the deposit money paid on the account as liquidated damages which amount the parties agree is a reasonable sum and not in the nature of a penalty.
That means they can sue us, right?