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Victornai11, lesson learned! Not to chasten what you already learned, but be sure and find a great buyers agent and one you can build a personal relationship and trust, with and one with a proven track record. All real estate is local, and normally around here, I would always start lower and negotiate to an agreed stopping point and maybe your agent knew full well the market worth?
You will more than likely loose your deposit and all the other fees, and being happy is important and its sometimes normal to have buyers remorse, so be a little more patient this round and make sure you are comfortable and have your agent show you everything that compares for the price your spending and good luck. Keep us posted.
Hopefully the relo company will defend their client's interests and sue for specific performance and/or damages. You never know what they will do.
This isn't a game. You need to be mature when buying a house and not go around screwing other people.
is ti common in your area to sue for specific performance? when I spoke to my lawyer in my area she told me its pretty much never done in residiental property and would cost 20K in legal fees to do it and take a year or so.
what are the damages? house off the market for 1 month. please quantify with proveable facts.
I don't think its a great thing to back out of a contract, however, there are always some out and life goes on.
I would guess some penelty will be paid and my guess is this can be settled for less than the items that the OP discussed (again assuming all the facts they are posting are accruate regarding work needed done, vs price of current move in ready houses)
Use your attorney. Typically they will keep your earnest money and could eventually sue you for damages if they don't sell the house to someone else in reasonable time. Or if they sell it and get substantially less, in theory, they could sue you for the difference.
That depends on the area. In my neck of the woods, two car garages are extremely uncommon. My old neighborhood in suburban MD has NO garages at all and the houses still sell quickly because of the location near Metro.
is it common in your area to sue for specific performance? when I spoke to
my lawyer in my area she told me its pretty much never done in residiental
property and would cost 20K in legal fees to do it and take a year or so.
What usually happens is that the seller's attorney files the lawsuit but doesn't follow through on it. They can do that rather inexpensively. That effectively destroys the buyer's ability to get a mortgage, so the threat of a lawsuit will oftentimes force the buyer to settle.
Quote:
I don't think its a great thing to back out of a contract, however, there are
always some out and life goes on.
There isn't always an "out", especially this close to the closing. If there was always a way to get out of a contract then contracts wouldn't even be necessary.
Thanks, this is kind of what I was looking for. The only thing that I have paid for right now is the inspection, and half of the attorney fee. The mortgage lender has paid for the appraisal, and not sure who has paid for the survey, title search etc. but that has been done as well.
I am not going to use the same agent again as I don't think he has acted in my best interest. He suggested a very high initial offer price, did not want me to negotiate on the inspection repairs etc. I have not read anywhere that I owe the buyer's agent anything if the deal does not go through.
You will probably be sued by both real estate agents since they did their job. They have expenses too that must be recouped.
Personally to me this comes down to a business decision. If you think the penalties from backing out are better than going through with buying then you do so.
That is fine as long as the banks, agents, lawyers, sellers. inspectors, title clerks, appraisers are madewhole by reimbusing them for all thw work they have done to date. All of the work has been done on consignment and they expect to get paid on the day of closing.
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