Seller agreed to price that turned out to be under water

[Fred Kite]

After executing a contract with a seller and passing the inspection period the title search turned up a second mortgage that puts the seller under water on the property by something in the neighborhood of $50k.

The contract was in Florida done AS-IS.

Do I have any ability to force the sale to be completed and acquire a clean title?  The seller does not have the ability to pay the $50k and will likely wind up in bankruptcy.

[Aaron Mazzrillo]

Why would you even consider attempting to move forward on this non-deal? You actually are considering hiring a lawyer and filing a lawsuit only to drag some poor schlep before a judge thinking the judge is going to tell him to write a check for $50K just so you can buy a house at a bargain? 

What's wrong with you?