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Difficult seller trying to back out of an offer via cash. Need advice.

Location: Southern California

So I'm currently in escrow for what I thought would be a pretty straight forward transaction. We opened on June 10th and scheduled to close July 15. They countered my initial offer and we both signed for about 20k over asking, which is common for this area and market. In the counteroffer, it was stipulated that all contingencies had to be lifted by 21 days, aka July 1.

Everything was going smoothly until about a week ago, seller suddenly requests a lease back. I had already made plans to occupy at closing and had other roommates that were ready to move in as well so I declined the request. This is when the fun started.

A few days later, they issued me a Notice to Perform (Fri, June 25) to lift my appraisal contingency by Monday, June 28th. This was strange because the appraisal was scheduled for June 28th. This is when I realized something was up. After some digging by my real estate agent, she found out from the selling agent that they were trying to back out of the agreement. So instead of communicating with me, they tried to trip me up by serving me this Notice. Unfortunately for them, it was invalid because the counteroffer specifically stated that I had until July 1st to remove the appraisal and loan contingencies.

Seller has now offered me 10k + return of my earnest money for me to cancel the deal. I've already spent money on the home inspection and appraisal and I really want to move forward with escrow. I've spoken to a few of my attorney friends and I believe I have all of the leverage right now.

Is there anything I may be missing or should be afraid of? Potential refusal to vacate/squatting? Destruction of property on the way out? Gridlocked so we can close escrow? Any insights would be appreciated!

submitted by /u/joustishere
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/oa38gh/difficult_seller_trying_to_back_out_of_an_offer/
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