What are a sellers rights regarding a buyers failure to close?

What are a sellers rights regarding a buyers failure to close?

I had a contract to sell my home; it expired on the 28th of last month. Buyers asked for a price reduction and change of closing. I will not lower my price or do I want to sign for a lower price and buyer is unwilling to agree to contract price ($4,000 under appraisal). My agent said even though I am technically past the closing date that they could still sue me. Is this correct? I do not think I have to agree to any price reductions and I would rather walk away. Could the buyer sue me? They are the ones who missed closing. I have not signed any agreements to change the closing date or reduce my cost nor will I.

Asked on March 5, 2012 under Real Estate Law, Texas

Answers:

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