[bei12345]

Through my real estate agent and the buyer's real estate agent we have a written contract that buyer would purchase my home and close this coming Friday, June 15, 2012.

They gave us a $3000.00 check for earnest money. The buyers were denied their loan from their bank and I am just being told today June 10,2012, that they are walking away from the contract.

This is a short sale that was approved by the seller's bank. The buyers were going to put down 50% and borrow the rest. The sale price was $312,000.00

Do I have the legal right to sue them in civil court? Is an attorney required?

Thank you.

[Fr_Chuck]

Sue them for what ? They made a offer, a large percentages of real estate contracts fall though because loans are not approved.

It is not their fault, you accepted a buyer who was not already pre approved for loan.

So either your house is not even worth the amount of the loan, or their credit was very bad.

This is how it works, your broker gives them back their earnest money and you go find another buyer.

Sorry I have no idea who you want to sue, and what you think you can sue for ?

[ScottGem]

I'd be willing to bet the contract stated that it was pending approval of a loan. Since they didn't get approval, the contract is voided.

It might be that you get to keep the earnest money, read the contract for what happens if the contract falls through. But a suit? I don't see grounds for that.