U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-20-2014, 12:32 PM
 
3 posts, read 22,656 times
Reputation: 10

Advertisements

What are the legal ramifications for the seller who is backing out a week before closing after we the buyers paid for inspection and appraisal fees? We live in davison mi and the seller can't find a home to her liking so now she wants to back out. What should we do?
Thank you
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-20-2014, 12:53 PM
 
Location: Ocala, FL
4,532 posts, read 7,280,743 times
Reputation: 4524
At the very least, you will get your Ernst Money/Deposit back in full.

I don't know if you have any legal recourse since real estate laws vary state to state. Only an attorney from your state is qualified to provide a definitive answer.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-20-2014, 01:08 PM
 
Location: Chicago
90 posts, read 237,539 times
Reputation: 136
Quote:
Originally Posted by KDAVISON View Post
What are the legal ramifications for the seller who is backing out a week before closing after we the buyers paid for inspection and appraisal fees? We live in davison mi and the seller can't find a home to her liking so now she wants to back out. What should we do?
Thank you
If that happened here (chicago) you can sue for breach of contract. The threat of lawsuit may be enough to scare the seller into honoring the close date.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-20-2014, 01:17 PM
Status: "Looking forward to President Harris" (set 17 days ago)
 
Location: Berkeley, Denver, CO USA
15,599 posts, read 23,462,001 times
Reputation: 26830
Default Reading is Fundamental

What does your contract say?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-20-2014, 01:21 PM
 
4,787 posts, read 10,211,418 times
Reputation: 12691
First read your sales contract. Is there anything in it about the seller having the right to refuse to close if she can't find a home to her liking ?

If wording to that effect is not there, then your seller will be in beach of contact if she does not close, providing that you have met all other contingencies in the contract.

You could then threaten to sue her to perform ( complete the sale). Sometimes just the threat would be enough to make her change her mind. She can always rent and store her stuff so it's not that she is out of options. She may just not like her options.

However, if she digs in her heels then you have two choices. Go to court and sue her for specific performance which can take a very long time and will cost you some in legal fees. Or you could walk away in which case you may still need legal help to get your deposit back.

Hopefully, you have two real estate agents who are on your side. The listing agent should be reading the riot act to the seller about now. They have procured a buyer and they want to get that house closed and get paid too- soon.

Good luck- sorry you're in this mess.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-20-2014, 01:38 PM
 
279 posts, read 458,793 times
Reputation: 568
Been there, done that. I had mortgage committment and the seller dragged repairs to let the contract expire and immediately went under contract with a higher offer. I just had my court date yesterday. The judge threw out the case and is making us go through the Realtor Dispute Resolution Board - at $150 an hour. I am cutting my losses and moving on. I hope karma does its thing...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-20-2014, 02:05 PM
 
3 posts, read 22,656 times
Reputation: 10
Thank you for all your replies. There was nothing in the contract that gives her any right to refuse to close. We offered full asking price and to pay our own closing costs. We gave them everything they asked for. Unfortunatly it doesn't sound very good for us.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-20-2014, 02:20 PM
 
155 posts, read 497,306 times
Reputation: 62
you can get all your money back

for me in my contract that if the seller backed out then I can get max 750$ from the seller.
I think I can't sue him

jo
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-20-2014, 03:39 PM
 
552 posts, read 751,543 times
Reputation: 1061
nothing you can do, the house is still theirs...... honestly, let's say you threaten to sue them, they can turn around and destroy the inside of the house and then hand it over to you. I highly doubt you'd want it then.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-20-2014, 03:48 PM
 
Location: City Data Land
16,809 posts, read 10,277,446 times
Reputation: 32337
That blows. But sometimes a canceled deal, even if it's last minute, is a good thing, even if you don't know that at the time. We just had a seller act very uncooperative with us about doing minor repairs after we had signed a contract for the home. She was being such a witch we canceled the contract after the appraisal and inspection. We soon discovered she was acting like that on purpose. She had a cash offer waiting in the wings and wanted our offer (a traditional mortgage) to unravel so she did the passive aggressive thing. It turned out to be a blessing in disguise. We found out soon after the contract canceled that my husband's company is losing profits and he will probably have to get a new job very soon, which involves relocating across the country. It's definitely worth consulting a real estate attorney. He/she can help maximize the amount of money you can get back. At the very least, you ought to be able to recoup your earnest money and option fee. Good luck!
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top