If you have a valid,signed contract with the seller,then there is no way he can back out. You can sue him if he backs out. But better thing is impress on him that you are ready for the close with the terms you agreed and he does not know the other buyers capabilites yet
Also, you can submit a Letter of Agreement to the county which effectively puts a "cloud" over the title in the event the deal with him falls through. An escrow agent will not perform duties on a clouded title. The only way to remove it is by your written word. You can charge a fee which will cover the extra 5k he was looking to make. Take that!
Sorry, that's the little devil in me speaking up again.
[addsig]
Isn't a signed real estate contract a binding one?
If you have a valid,signed contract with the seller,then there is no way he can back out. You can sue him if he backs out. But better thing is impress on him that you are ready for the close with the terms you agreed and he does not know the other buyers capabilites yet
Also, you can submit a Letter of Agreement to the county which effectively puts a "cloud" over the title in the event the deal with him falls through. An escrow agent will not perform duties on a clouded title. The only way to remove it is by your written word. You can charge a fee which will cover the extra 5k he was looking to make. Take that!
Sorry, that's the little devil in me speaking up again.
[addsig]