Seller Accepting Other Offer After Signing Contract with Me

[Charles Ferguson]

I got a property under contract with the seller on Saturday, August 22nd. COE on the front side PSA is "on or before September 21st". The title work is back and clear so we are ready to close on Monday, September 14th. The seller called me on Friday, September 11th and told me that he's had a "change of heart" and there is "sentimental value" with the property, etc. He then discloses that he's received another offer for $10k higher than the contract he has signed with me and that he's considering waiting until September 21st (i.e., COE) and not closing so that the contract is "voided" so he can sign a contract with the other party.

I'm thoroughly pissed off that he's even approached me with this hogwash. In my opinion this is so unethical and poor of him to renege on a written contract that he signed. He told me multiple times that "it's not about the money but $10k is not an insignificant amount", which is a complete juxtaposition...clearly IT'S ABOUT THE MONEY. He's trying to wait out our contract by letting it expire and then signing a contract for $10k higher with the other party.

My question is how can I protect myself and my interest in the property by effectively forcing him to perform? 

Note: From what I've gathered via other related posts is that it's not worth my time or money to sue him for specific performance. However, I have seen others mention instruments such as a Memorandum of Contract and/or an Affidavit of Interest. I haven't spent much time looking further into these instruments or others of a similar nature but my understanding is they are a means to muddy the title and make it much more difficult for the seller to move forward with a sale to another party without/before sorting this out with me.

All opinions, comments, suggestions, advice, etc. welcomed and appreciated. Thank you in advance!

[Jay Hinrichs]

Originally posted by @Mary M.:

Btw i would up my price. 5k is better than 0k :)

No kidding this whole thread is just code for .. someone ( seller ) realized they got taken on what the real value of the property is..

and its all about the money nothing more nothing less..  seriously doubt wholesaler has the ability for to do specific performance.

And seller if they wanted to could just go to a different title and escrow company and close on monday.. and then this buyer can sue if he wants..

just because you have a contract open at one title company does not mean it cant close.. your remedy is the contract.. and the value of this contract being 15k is not worth a legal fight.

So Mary your right this guy should put his pride aside do the RIGHT thing for the seller.. and get the seller more money after all its their asset. And probably this is a ton of money to them.. this is why wholesalers who claim they are some do gooders just rings hollow..

so take the 5k  make the seller happy and all is good..