Breech of sale agreement? Seller decides not to sell

[Delia Rhinehart]

I have a purchase/sale agreement on 4 multifamily properties in TN. The closing is in 48 hours & everything is in order, ready to close. Today, my agent & I received notice (email)from the seller's agent that the seller decided not to sell & "is terminating his offer and withdrawing (all properties from the market)". Their company will "be processing" my "earnest money check with all possible haste". 

I have many concerns at this time. One being with the statement that  "he is terminating his offer". He did not have an offer on the table thus, he is unable to terminate an offer that doesn't exist.

I have never run into this & am entering unfamiliar territory. Currently, I am out a good amount of money & had a hard money lender that I now have to pay regardless of what happens.

Does anyone have any recommendations or experience with such a situation? Where do I go from here? I am thinking that I will need to retain an attorney for this.

[Natalie Schanne]

Delia Rhinehart - the buyer and sellers agents are probably upset too because the owner owes them a full commission for bringing a ready, willing and able buyer.

Talk to your agent and your agent's manager to see what attorney tools (or mediation) they would plan to use in this case to get the commission due their brokerage.

I would have my real estate attorney (ask for a fixed fee of $800-1400, not $200/hr) draft a letter (or file a lawsuit) stating that you have incurred $$x damages (loan fees, inspections, your acq costs/time, lawyer) due to the breach of contract and that you intend to sue for specific performance.

Maybe the seller will change his mind about cancelling... who knows if he received another offer and thinks he can sell to the next party with no consequences.