-The seller's agent did not list the property according to market prices (the same unit one block away was listed and recently sold for ~$40k more and the seller was not notified of this).
-The seller's agent did not provide (or disclose to the client) the required 3 days attorney review (mandate in NJ)
-A second offer was transmitter to the listing agent, but not communicated to the seller.
-Does the seller have any other course of legal action?
2007-04-18 06:16:14 · 4 answers · asked by psuche 2 in Business & Finance ➔ Renting & Real Estate
You can sue for specific performance, call a real estate atty...
2007-04-22 05:16:06 · answer #1 · answered by Mark P. 5 · 0⤊ 0⤋
Really it is not the realtor's responsibility to let the seller know of higher sale price if it happened after contract. Once the seller agrees on a listing price and goes into contract they are bound by that. If the seller decides to go with another borrower, the prior buyer does have the righ to go after seller for any monies spent such as a home inspection, appraisal, attorney's fees, etc. The seller will be responsible to collect back all of their monies spent as per law, and even punitive damages if they apply. The seller needs to decide which is financially better, getting more money for the home, or how much it will cost to get out of current contract. Don't forget either, if the home selld for more the realtor is also entitled to a bigger commission based on a higher sale price. Do the math, and make the choice.
2007-04-18 06:31:43 · answer #2 · answered by novastarbanker 3 · 0⤊ 0⤋
if the buyer really wants to be a pain they can sue for what is called specific performance, which means the court will force the seller to sell the home to the buyer at the agreed upon sale price plus if they win they can get lawyer fees
better talk to lawyer to see what legal means can you get out from the contract since it has passed threw attorney review
2007-04-18 07:22:05 · answer #3 · answered by goz1111 7 · 0⤊ 0⤋
You don't need YA - you need a competent real estate attorney in your state.
You might get a good answer here, or you might get complete hogwash. You may not even know which is which. Go get a lawyer, and get advice you can count on. Yeah, it'll cost you some money. Good advice usually does. Free advice will often cost more, though.
You owe me $20 for that tidbit, btw... :-)
2007-04-18 06:30:03 · answer #4 · answered by Ralfcoder 7 · 0⤊ 0⤋