Seller Wants to Back Out After Contracts Are Signed

[Brad Gibson]

Submitted a full price offer for a 3/1 with a guest house. The numbers work great after house is rehabbed. Offer was signed yesterday by seller & I paid both earnest money and option fee. 

This morning, the agent calls to say the seller was confused and really didn’t want to sell it at that price. That was the price he wants to net. Seller says he wants 10% more to go through with sale. The seller is refusing to go forward with the sale & basically indicated there is nothing that can be done. 

Seller’s agent indicates he simply won’t cooperate with the sale & wont show up to closing. 

Anyone ever have this type of thing happen or have advice on how best to proceed? It is a standard TREC contract. 

Thanks in advance.