We have a purchase agreement, the title company has done all the work, their lender approved the loan. Will Title Company go after the buyer for their fees or will they go after me? Any ideas on how I can convince the buyers that they have alot to lose if they do not follow thru on the contract?
2007-02-19 10:54:14 · 6 answers · asked by hamilton_tina 1 in Business & Finance ➔ Renting & Real Estate
have they signed the FINAL papers? If not they can cancel. You will need to check w/the Title Company about the fees.
2007-02-19 10:59:29 · answer #1 · answered by spiritwalker 6 · 0⤊ 0⤋
How much did the buyer put down as earnest money? I usually ask for $1,500 or more as earnest money so buyers will have this feeling that they're going to lose more if they don't go forward with it.
The title company will not charge anyone as long as you use them in the even you resell the house later. You'll eventually pay the title insurance policy when you resell it.
You can always sue them for specific performance but it's easier to take their earnest money as liquidated damages and move on with life.
Oh by the way, you better have a lawyer check your offer to see if the buyers do have a weasel way out? If they do then there's nothing you can do.
El
2007-02-19 12:49:49 · answer #2 · answered by El_Nimo 3 · 0⤊ 0⤋
Be cool. This is a stressful time and the Buyer may just be nervous. Ask them to meet with you and both Realtors for a sit down chat of to answer whatever concerns they have. If you sense they just want to keep looking at other homes, then prepared to put your house back on the market and at least sue for minimal damages in small claims court to keep the deposit and get some of your fees returned.
2007-02-19 12:47:01 · answer #3 · answered by Venita Peyton 6 · 0⤊ 0⤋
Also if they signed away contingencies after the sales contract then it should specifically state that you get to keep the earnest money and that they are responsible for the the escrow/title. If that isn't in your contract they might not be responsible, the best thing to do is ask your agent or a lawyer.
2007-02-19 11:37:59 · answer #4 · answered by HBSL621 3 · 1⤊ 0⤋
They are in breech of contract, as long as you fixed everything they wanted and their not pulling out because of a bad inspection. They will be sued and their agent. My agent told me the agent is always sued along with the one in breech. Your agent should talk with their agent. Hopefully, their agent is already trying to stop their craziness. Act fast! Let their agent know that you will sue !! They will have to pay the fee. And I believe the earnest $ is yours to keep. Not positive on the last.
2007-02-19 11:05:34 · answer #5 · answered by floatnfun 4 · 1⤊ 0⤋
Thats not right to do you to stuck you with holding the bag they shoild go after them not you its not your fault yes they do have a lot to lose
2007-02-19 11:20:11 · answer #6 · answered by pattibcacl 6 · 0⤊ 0⤋