My wife and I have been looking for a house for awhile now until recently we found one that was for sell that we actually have liked for awhile. One of the persons who is selling the house is an ok friend to my wife and her dad. We were the only ones they let look at their house and they werent going to use a realtor to save cost so they would get a better sale value to use to buy a new home (in which they had a realtor for). At first they gave us an estimate of a price for the home and some furniture they didnt want to move. Then later the raised it when they found out they wanted more of a house. Later than that they upped it again......but I was able to knock it down some.
OK........
to make a long story short after times of not hearing from them and then 90minute conversations on the phone with them here and there. We had an agreement, and I was to draw up a contract. I wrote the contract to their liking of a price with contingents for myself. Such as it has to appraise at a certain value and be financed before I was held to it. As well as if it appraised down to 5000 dollars below the asking price then it would become the new purchased price amended. A week or so went on and they didnt sign it and I thought they werent going too but they did.
So I took the contract with everyones signature on it to my lender with money for an appraisal, loan application process etc yesterday and blah blah and so on to finish my loan (which will be completed next thursday).
Ok....question......today I get home from work and I have a voicemail from one of them saying they will not be able to sell right now because they cannot get a loan to buy the house they wanted (because of late payments made showing on their credit report)......however, they told me when we first talked they had a high credit score, good rate for a house and a budget twice as high as mine, they even put in an offer that was accepted on some land a cple weeks ago. They have a bank/broker who told them to sale their house first to have money in their hands to get a better deal on rates etc
My question is, if the house appraises for the purchase price or the contingent price I put on the contract, arent they legally required to sale to me even if they do not want too? They have no contingents or requirements in the contract or verbally with me from the get go