2006-08-07 14:27:45 · 16 answers · asked by boopertwo 1 in Business & Finance ➔ Renting & Real Estate
Absolutely yes, you can sue the buyer for breach of contract.
If you used a real estate company, they probably have something in the contract stipulating this.
If you didn't, you'll probably have to hire an attorney to represent you. Good Luck.
2006-08-07 14:34:26 · answer #1 · answered by Hoopfan 6 · 0⤊ 0⤋
These are your options. If any money was put up as "earnest" money, then you can not sue for specific performance of the contract but you can keep the deposit. If the deposit was a simple money deposit and not classified as "earnest money" then you can withhold the deposit and sue for performance of the contract. I am assuming the money is in escrow either by the escrow company or the real estate brokerage. They will have to make a determination as to how the deposit is dispersed. If they can't reasonable decide then the real estate broker can seek a determination from the Real estate commission or deposit the money into the registry of the local court and file a concursus proceeding where by the judge dictates who gets the money.
If you sue for specific performance, then the property will have to be tied up since the buyer would have a right to the property. You have to decide if that is worth the effort, time and expense. Your contract may also allow for liquidated damages and either the deposit was classified as such or you can sue for additional damages.
2006-08-07 16:14:53 · answer #2 · answered by Sam B 4 · 1⤊ 0⤋
Ir really depends why they backed out.
Did the lender pull the loan for some reason?
Was there a title issue that could not be resolved?
Was there a condition in the contract that was not met?
Last week I finished a mortgage closing and started the closing of title when the client happend to make an offhand mention of the "tenants" and their security deposits. Since the contract stated that the building was to "be delivered vacant", this was an issue. We refused to close. The seller can't do a thing because they were the ones who breached the contract.
2006-08-08 03:04:04 · answer #3 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
WOW, the SAME thing happened to me about a month ago. I am so sorry, it sucks. Basically what I was told is that I COULD sue and I might win, but it could take years and cost money and I would not be able to sell my house in the meantime. It sucks SO bad. I am sorry it happened to you. It makes you so angry.. You should get some really good answers here, but call a good attorney, your real estate agent should be able to recommend one in your community that deals with this. Depending on the specifics of your contract you may or may not want to move forward with a law suit. Good luck...My heart goes out to you.
2006-08-07 14:34:15 · answer #4 · answered by Sunshine 4 · 0⤊ 0⤋
Yes you can but the contract probably allows you to keep the earnest money without having to file suit.
Most of the time a deal falls throughh because a contingency was not satisfied or financing was not available. Everything should have been spelled out in the contract. Ask your real estate agent.
2006-08-07 14:32:31 · answer #5 · answered by Diane D 5 · 0⤊ 0⤋
Depends on how your contract reads.
Where there contingencies that the buyer could use to back out?
2006-08-08 09:00:26 · answer #6 · answered by Karen R 3 · 0⤊ 0⤋
Yes, you can file a small claims suit against them. You should work with a real estate lawyer to find out what you can do for repayment. You can keep the earnest money too.
2006-08-07 14:31:58 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No! And you don't get to keep the earnest money, either!
Your house was off the market all that time and you were paying the mortgage for nothing.
2006-08-07 15:05:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If you have a contract and they signed it and nothing in the contract was breeched except for them dropping out, yes.
2006-08-07 14:32:09 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If the contract says that they have to buy and not back out,Yes.
2006-08-07 14:33:29 · answer #10 · answered by Willnotlietoyou 5 · 0⤊ 0⤋