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.
I had a closing last month that didn't close. I represented the buyer. The sellers showed up to closing, and then left without signing. They decided they weren't moving. My buyer is/was devastated! She had appts scheduled with the flooring company, granite company, painters, and tile company. All had to be canceled.
Not only did that seller have to pay my buyer to not sue them, as my buyer spoke with an attorney, the sellers are going to have to pay the commissions as both my broker and the listing broker are going after them for pay. I "sold" that house. We did inspections, negotiations on repairs, walk thru, everything! My buyer signed all her paperwork to ensure she did not "breech" by walking away when the sellers walked.
Your mother needs to speak with an attorney because it's going to cost thousands the further she gets in the sale. The way you worded your post, it's like you don't like you have a "contract" but only an accepted offer. An accepted offer IS a contract. When she agreed to sell it to the buyers on the agreed upon terms, she bound herself to a contract.
Emotional or not, she's going to be out thousands... but I'm not attorney, I'm just an agent who just went through this last month with a buyer...
Wow¡ I just have to ask - why did the sellers back out?
Sentimental attachment to a property, especially after living there many, many years is a tough one. It often is very hard to 'let go'. Unless there a legal outage for your mother in the contract, or something were to occur where the deal naturally were to terminate, (such as, if a deal were to dissolve over inspection because no one agrees to the resolution, or if buyer isn't able to get their loan), I am afraid that to willfully breach the contract may have hefty financial consequences. As many stated, it is best to consult an attorney because the contract is unique to your state and the sale of the property in question.
Quote:
Originally Posted by FalconheadWest
It got beyond wanting to sue for "specific performance" to get the house. It was about the difference in her rate on a new house over the life of the loan, as rates had gone up. It's about not being able to find a comparable house in that area as prices have gone up... it was about wanting to make the seller make her whole from everything she had lost in the transaction and in buying a different house with different loan terms.
once had similar experience with a builder, it all began and surfaced when, contrary to contract, it was discovered they had the wrong 'swing' (ie garage left or right) ... then scratching a little deeper, permitted for and already poured for a wrong floorplan!!! Big Ooops. Builder didn't want to cooperate per se, especially that prices had increased and they gave alot of incentives and upgrades to my buyer to begin with, and subbie costs were involved. Buyer decided to pursue and sue, not just based on and for what you mentioned; premium view lot they were to get, along with lost equity relative to and based on what other buyers closed for and with what upgrades etc. They also threw in my commission too because per my BA they were responsible for it if I didn't get paid. Suffice to say, it got messy!!
I'm so sorry your mother is going through this. Just like "buyer's remorse", there is "seller's remorse". At this point, she may just have to get philosophical about it: if the buyers come back with requests after the inspection, she can graciously say no, and let the chips fall as they may. If they back out, then fine. If they choose to continue, then I would tend to take it as "A Sign" that it's time for Mom to move.
Maybe you or your mom have already done this, but would taking pictures of everything in the house your mother feels sentimentally attached to, help? Maybe she would be more willing to move on if she felt she had a photo album of the house and surroundings. No picture is too silly or trivial. Maybe she would want a picture of where the kids stood in the corner during time out, or the tree everyone planted together, etc.
We're in the process of getting our house ready to sell (not for the same reasons), and I'm planning to take pictures of things that mean a lot to us. Some of us really don't want to move, and I'm hoping this will ease the painful process to some degree.
This happened to us when we were buying. Found the perfect house, then the seller pulled out within the three day 'thinking' period. He wasn't ready to sell. Two weeks later he came begging for is to buy. We didn't want to touch the house.
I feel for what your mom is going through. Make sure she talks to an attorney, and is very sure of what she wants.
1. The two brokerages sued for commissions.
2. The buyers were paid by the sellers for their expenses plus an unknown amount for their really serious inconvenience.
3. My office -- the listing office -- collected our full commission.
4. The cooperating office took no money, but got a court-ordered agreement that it would get the listing within a certain period of time, when the seller was emotionally ready to proceed.
Bottom Line: The sellers got to remain in their home for perhaps another year, but it cost them a few thousand dollars in expenses, a penalty, a 3.5% commission, and attorney fees for both sides (theirs and ours).
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.
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.
