They want out!

This was originally posted by Tim R. (my husband). I wanted to give it its own thread in hopes it gets viewed sooner.
Thanks!

"We got a contract on our house a week ago. The close date is the 10th of Oct. On the 30th of Sept we got a phone call from our realiter saying the people want to get out because they were told by someone that we have ice storms here and they would be stuck. Can they get out of this? I have already bought a house and have packed everything up, as well as registered my kids in their new school".

It depends on your contract. Unless it has a provision that allows them to get out I would say no, they cannot simply quit. But it depends on what you agreed upon.

NYClex said:

It depends on your contract. Unless it has a provision that allows them to get out I would say no, they cannot simply quit. But it depends on what you agreed upon.

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Thanks NYClex! There was no agreements like that. The contract only mentions termination by them if the appraisal is low, they get denied financing, or if after inspection we failed to fix something, etc.

Does the contract provide for an option period? If so are they still within that timeframe?

bryan said:

Does the contract provide for an option period? If so are they still within that timeframe?

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No the contract does not provide an option period or anything like that. Closing was set for yesterday and of course that did not happen. They have asked how much it will cost them to get out of the contract and said they want to settle out of court. Apparently they moved here from Ca. and now want to go back. We are waiting to hear what's next. I am just a couple days from loosing the house we have a contract on, and I feel horrible that those sellers are essentially suffering through this with us.