Seller cancels last minute! Buyer recourse?????

I am representing a buyer in a short sale transaction. We waited 4 months for s/s approval. Got it on both liens (1st and 2nd) Sept 4th. Buyer did home inspection and appraisal. We are in our final underwriting for clear to close, we are 1 week away from closing, and the seller decided they want to apply for a loan mod. So they are requesting cancelation.

Any advice on what to do here??? So stinkin mad.

 

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Permalink Reply by Jen Hill on October 2, 2012 at 11:12am

Hi Jennifer, I don't know specifics about the contract and how it's written but you may want to remind the listing agent to remind his/her clients that the success of a loan mod is very rare.  1 in 10 actually gets approved and the rate of re-default is extremely high!  Maybe this will sway them.  I feel your pain!!  

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