Once you are in contract, the seller is obligated to sell his home to you unless you were unable to satisfy a contract contingency within the required time , such as a mortgage contingency. However, if all contingencies are met and the seller for whatever reason has cold feet, you can commence an action in Court for specific performance. In such a case, you are requesting that the court order the seller to close with you on the house due to the fact that real estate is unique in nature. Unfortunately if you proceed in this manner, it will take considerable time and expense to accomplish this. Another option would be to have your attorney settle the matter with the seller’s attorney for a monetary settlement that will not only reimburse you for expenses incurred in the purchase process , but also receive money for the loss of the property. This will allow you to shift your focus back on purchasing a home rather than spending your hard earned downpayent money on legal fees in Court.
