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What happens when a contract of sale for a home is signed in June and went through attorney review and then in August a few days before closing date on the contract the buyer withdrew his offer without a reason. Is this legal or is he bound to this contract? Any advice?
The mortgage contingency date had passed?
I would talk to the lawyer. I do know that you are entitled to your commission from the buy side, at least that is the law in Connecticut. So for example in your agreement with the buyer, if you had agreed that 2.5, you can go after him/her.
I think that if this was also a situation where everything had been met, and the buyer just pulled out for no reason, that he/she is still obligated to the seller, but again, you are going to need to speak to your Broker, or/and an attorney.
That`s what I thought. We are going for a law suit becuase he did break the contract and our attorney actually said we have a really good case so we`ll see if they close by the 31st.
That`s what I thought. We are going for a law suit becuase he did break the contract and our attorney actually said we have a really good case so we`ll see if they close by the 31st.
You need to remember that the sellers house will be tied up as long as it is in court... If they really want to sell it and move on, this might be something to consider.
You would be surprised at how fast a buyer will step back in line once he gets a letter from an attorney about specific performance. We had this happen and one $50 letter had them at the table come closing day.
Ok well we`ll see what happens in my case. This is also a NJ property. Not that it makes a difference but we still have a couple more days so we will see what happens.
Well they never responded so it looks like we will move forward with the suit procedure. It was also an assignable contract and in the state of NJ when someone assigns a contract to someone else and for whateevr reason the deal falls through they are responsible as the original people on the contract. So guess what? The house goes back o nthe market and we still get to sue for all those mortgages we paid for 4 months which is about 12K. We will sue for that and other losses. I would be nice if we got someone else to buy it for the same contract price. Hope everyone is taking heed and learning.
Similar situation here. Father passed away and bank foreclosing on his reverse mortgage. Tried to sell it. Auction date was fast approaching and we just got rid of house for 80k less then asking. Auction date postponed. Buyer and I signed contract that we sell house AS IS with no contingencys. Buyer was preapproved. Buyer has been dragging feet. I cannot sell house because of a signed contract. Lawyer going to send demand of settlement date in ten days. In 15 days, house gets auctioned off and we lose everything. It has been over 30 days since contract was signed. Since we are in financial hardship and boxed in the contract to sell, can we sue buyer for amount of contract if they do back out? Lawyer is going to do this if they do not move and come to the table. State is Maryland.
My best advice -- these issues need to be dealt with by local (to you) real estate attorneys. Sounds like you both have lawyers -- they are the ones you should be asking questions of.
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