Family member is trying to buy a property that is now under contract and scheduled to close this month. Sellers saying things indicating they might be getting cold feet. I've read what I could find from the google on specific performance, but was curious if anyone on here has real world experience with this instead of what I just read with the legal theory.

Yes. Contract terms and how serious the buyers are about enforcing those terms are the critical factors.

What kind of contract? TREC 1-4? Commercial? Terms and conditions matter.

We had to decide whether to sue the sellers for specific performance when the seller walked away on closing day. This was 7ish years ago now.

Specific performance works best on commercial property and commercial interests. If it's a residential property where the seller plans to keep living, your relatives will lose a specific performance suit. The best you can expect is to be made whole after the transaction. In this market, you may also be able to win the price difference if you have to get into a bidding war for a similar property. If interest rates rise, you may also be able to win the difference in interest. However, it's not a sure thing that you will ever be able to collect on the judgment awarded against you if it's for $$$$$$$.

If the seller is getting cold feet because they want more money or they want to rent, you have a better chance at winning specific performance.

In our case, there was fraud involved that the realtor was wrapped up in, so he actually paid us back everything out of his pocket. We were able to find a similar property for less then we were going to pay and our interest rate was the same. The sellers actually ended up living in the house another ~4 years or so before they listed it and later sold it.

Unfortunately I don't know what type of contract.

It is a very specific property and they're either buying this property or they're not buying anything. So there's not much by way of saying "pay the difference".

It is not really residential per se, but it is a residential neighborhood if that matters. Not currently occupied, so seller doesn't live there. More used for storage I think.

It sounds like your relatives have a better chance at winning specific performance then we did, especially if the property is already empty. We also didn't have time on our side to try and fight it, since we also needed a place to live.

I would take the contract to a real estate lawyer and see what they would recommend. It still may be an uphill battle and one the relatives don't want to take on.

Specific performance on residential real estate? Well...

Specific performance is a REMEDY, which means you'd have to win the underlying cause of action. Its likely you COULD win a breach of contract claim -- maybe even fairly easily -- but it will take a while. There will be a TRO issued (best case) and then a hearing to extend it (2-4 weeks); IF granted (and its no sure thing), then discovery, pre-trail motions, and trial. A year in the absolute best case.

If the trial court rules that monetary damages would suffice, then the case is essentially over. Yeah, the Plaintiffs win and get damages and attorneys fees, but by then the house they would have bought had they moved on in the first place will be priced higher. In fact, due to this, the court may not grant an injunction and then the case becomes much trickier. Absent solid legal bases, appealing to the Court of Appeals regarding spec. performance and an injunction isn't a good option.

Remember, if you don't win the underlying contract case, you will not only get specific performance (duh!) but you'll be out thousands in attorney fees plus whatever you lost by waiting on the other house. They could also agree to sell you the house at any point under the contract terms but not pay your attorneys fees. Then it gets very fact specific as to whether you'd even want to continue the case -- in other words, they were holding out for a higher price (not good on their part) or they wanted to stay in the house (much better for them -- and once the property is sold, the defendant -- the original owner -- getting a summary judgment on the remaining contract claims and damages not settled would be very high). Also, if they settle on the house and you get it, collecting on any future judgment (as stated above) would be much more difficult. Kinda a mess if you ask me.

But don't take my word for it. Maybe they can spend $400-600 and get a consultation from a board cert. residential real estate attorney who's done something like this. If they do that, please update.

Put up a 40k retainer with your favorite attorney and give it a go.

You might win.

But sometimes, even wining is losing if you value your time.