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I modified the post. this is a business transaction, no emotions.
I have no idea where the superiority comment relates to the original post anyway. it just seems to me that you want to believe the seller is going to cry himself to sleep over this event. he isn't happy, he threatened the OP but in the end he will move on. it has nothing to do with forgiveness.
It is precisely because this was a business transaction, the seller wants to sue.
IMHO, the OP lied to the seller with an inaccurate pre-approval letter.
He's backtracking now, but this is the most plausible explanation of why two other companies rejected him.
Not "crying to sleep". More like ANGER is what the seller is feeling. That's how normal people would be in this situation.
Based on what you said, the seller is wasting his time and money if he sues
Just because you are pre-approved by one bank doesn't mean you will be approved by others.
and being pre-approved, doesn't guarantee a mortgage.
A lot of factors are in play between pre-approval and loan approval
pre-approval is just you and typically gives you how much they will loan you
when you actually apply, the specific house is brought into the process.
That is the entity that backs the loan
Bank may not wright in that area, maybe they think the house value is below loan principle
As long as your contract doesn't stiplulate a particular lender, they lose.
They are trying to bully you into a sale or hope you give them money to go away
They can be PO'ed, so what
that's life selling real estate, get over it. sales fall apart every day.
The letter of your contract is what is binding
It's possible if they sue you and go to court and they lose, they could be made to pay your expenses.
Not "crying to sleep". More like ANGER is what the seller is feeling. That's how normal people would be in this situation.
Suing just because you are angry is what stupid people do. Once you get past your anger then you ask yourself some questions. Can I prove damages? Can I collect those damages? Can I actually win? Will I collect more than my legal fees will cost me?
At the time we were having our trouble with the buyer, my attorney said we would be suing for legal fees as well as damages. If I remember correctly, we could basically sell the house for whatever the market would bear, and then sue the buyer for the difference in price, plus legal fees. Since the lawyer was a close relative, we would only incur legal fees if the buyer was forced to pay them.
But again, every situation is different.
Occasionally, you come across people who will sue, just because they feel wronged. They don't care if it winds up costing them money, to them it is still worth it. They are not doing it as a business transaction. They are doing it out of some moral code.
It is precisely because this was a business transaction, the seller wants to sue.
IMHO, the OP lied to the seller with an inaccurate pre-approval letter.
He's backtracking now, but this is the most plausible explanation of why two other companies rejected him.
Not "crying to sleep". More like ANGER is what the seller is feeling. That's how normal people would be in this situation.
1) what are the seller's damages (provable)?
2) the defendant stated he doesn't have a job and he has significant credit card debt. How do you think he will pay if he loses the suit?
3) is the expense of the litigation worth the time, money and aggravation the seller will endure to get a judgement. Lawsuits that don't settle early tend to take years to make their way to a jury.
I doubt the seller will follow through with the suit. People like to threaten because they want to see if they can get any money out of you (which they clearly cannot) or they're just angry. However, I do find your story quite confusing.
How do you have a lot of credit card debt if you just lost your job less than a month ago and were about to buy a house? Shouldn't you have been using some of the money you were saving for your down payment and closing costs to pay down the credit card debt? I'm hoping by lots of credit card debt, you either mean that you were using too much of your credit limit each month (but paying off each month) or that the debt was on a low or no interest credit card.
It is precisely because this was a business transaction, the seller wants to sue.
IMHO, the OP lied to the seller with an inaccurate pre-approval letter.
He's backtracking now, but this is the most plausible explanation of why two other companies rejected him.
Not "crying to sleep". More like ANGER is what the seller is feeling. That's how normal people would be in this situation.
wanting to sue and actually suing are two different things. you have to consider the cost of suing, the aggravation and the likelihood of success. a little anger may have found its way into the picture when the deal first went south but ultimately you proceed logically.
The OP lost his job between making the offer and closing, and so he can't get a loan, and two people think this is somehow underhanded? Unless ieee488 is actually the seller, that's just odd.
Of course he's not going to be able to get a loan under those conditions, that's a perfectly good reason to use a mortgage contingency clause. If the seller didn't want to deal with such things, he should have stuck to cash buyers.
And yes, lenders post-crash still give pre-approvals pretty easily (compared to the mountains of paper for an actual morgtgage). They're not binding on the lender.
The OP lost his job between making the offer and closing, and so he can't get a loan, and two people think this is somehow underhanded? Unless ieee488 is actually the seller, that's just odd.
Of course he's not going to be able to get a loan under those conditions, that's a perfectly good reason to use a mortgage contingency clause. If the seller didn't want to deal with such things, he should have stuck to cash buyers.
And yes, lenders post-crash still give pre-approvals pretty easily (compared to the mountains of paper for an actual morgtgage). They're not binding on the lender.
Personally, I don't think he is "underhanded". Just irresponsible. If his work situation is that tenuous and he has that much credit card debt, should he really be making offers on houses? This directly effects another person. It's not like he is returning a TV at Best Buy. I don't think he took this whole process very seriously, but to the seller it is very serious. When most people buy homes, they have all their ducks in a row. That didn't happen here.
Personally, I don't think he is "underhanded". Just irresponsible. If his work situation is that tenuous and he has that much credit card debt, should he really be making offers on houses? This directly effects another person.
I don't know if the credit card debt came before or after the unemployment. But in my experience the "work situation" is always tenuous. All companies can have layoffs, sometimes with little warning. When I was moving here it was to take a job; what if the company decided to close the local office and rescind the offer after I made an offer on a house? That sort of thing happens all the time, unfortunately.
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