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I ended up writing an e-mail to their listing agent before last weekend and got a response today. In addition getting the deposit back, I requested to be reimbursed for my costs incurred; appraisal, condo assessment fee, inspection, etc. So really I asked barely $1k worth of incurred costs in order for the seller and I to go our separate ways without needing to get legal involved. I hope the seller is able to get their financial situation resolved after this with the bank. I imagine the place will have to eventually be a short sale.
In other news, the day that I was supposed to close on the condo unit that didn't work out, I ended up spending the afternoon looking at other places with my agent. Ended up putting in an offer and having that accepted prior to the weekend. Had an ambitious closing date of only 1 week after going under contract. As of today, it looks like closing is going to happen on Friday. Knock on wood.
Thank you all again for your feedback on my original post.
Their financial irresponsibility is not your concern.
I would sue for specific performance and make them close.
Even if your expenses are pennies on the dollar to their mortgage it doesn't sound like they even have the money to do that.
Even if you sue they can’t come up with the money. Bank isn’t gonna release the interest on the property. You’re basically wasting money by suing. Even if you win you lose. I would try to get back what i spent on attempting to purchase the house. Other than that it’s just part of the process. I walked away from a few houses tha5 I already spent some money on to have inspected. It sucked but it’s just part of the process.
I ended up writing an e-mail to their listing agent before last weekend and got a response today. In addition getting the deposit back, I requested to be reimbursed for my costs incurred; appraisal, condo assessment fee, inspection, etc. So really I asked barely $1k worth of incurred costs in order for the seller and I to go our separate ways without needing to get legal involved. I hope the seller is able to get their financial situation resolved after this with the bank. I imagine the place will have to eventually be a short sale.
In other news, the day that I was supposed to close on the condo unit that didn't work out, I ended up spending the afternoon looking at other places with my agent. Ended up putting in an offer and having that accepted prior to the weekend. Had an ambitious closing date of only 1 week after going under contract. As of today, it looks like closing is going to happen on Friday. Knock on wood.
Thank you all again for your feedback on my original post.
Good for you OP! I hope it works out and you get your costs back. The seller is lucky you are being so reasonable and moving forward.
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