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Exactly, our contract states that and our lawyer said we can walk away and are even entitled to our earnest money back.
I guess my agent is trying a 'scare tactic' for some reason.
You know with the market as bad as it is in many areas, many agents are going after their clients for commissions earned. In some cases agents have legitimate reasons and sometimes they don't. This is a buy product of difficult economic times.
Our agent said his Broker in charge instructed him to do this.
Our contract says compensation is deemed earned If, having entered into an enforceable contract to acquire property during the term of this Agreement, Buyer defaults under the terms of that contract.
Quote:
Originally Posted by sheenie2000
Exactly, our contract states that and our lawyer said we can walk away and are even entitled to our earnest money back.
I guess my agent is trying a 'scare tactic' for some reason.
Next communication should be directly with the BIC.
If the BIC is calling the shot, why waste time with the agent?
No one builds a good long term reputation in real estate on a foundation of suing clients.
Wonder how this would look in the Observer?
Yea it's just odd, I don't know why he'd do this to us. I'm sad and disappointed. Our price point kept going up too. And when we start searching again (which is immediately), we're going to look at higher priced homes. Plus we're planning on purchasing several rental properties in the future.
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