My son and his wife had a verbal agreement to buy property on a contract from wife's mother - 1 1/2 years ago. The moved into an uninhabitable house & put in over $40,000 of improvements. The mother-in-law now wants to cancel the verbal agreement and put the house on the market for $60,000 more than she agreed to carry the contract on. Can she get away with this? They cannot qualify for a loan for $50,000 more than was discussed, plus were out of the house hunting market for the last 1 1/2 years when prices have escalated. What to do?
