On March 30 I was told by my Realtor that someone wanted my condo. It had been on sale for about 6 months. I was told the buyers were looking for a May 15th closing. About April 30 I called my Realtor to ask if all was on schedule as I hadn't heard anything since faxing the contract on March 31st. On May 10th I was called by my Realtor and told the buyers had been rejected by the association as their dog was over the weight and height requirements. I was fine with that as I was not out of any money. On May 12th I was called and told that the buyers decided to get rid of the dog and that was the only thing holding back their approval from the board. I asked when do they expect me to move? I was told I should be out before the 15th (the day of closing). I moved on the 14th. That night I received a phone call informing me the buyers had decided to keep their dog so the deal was off the board was rejecting them due to the dog. I am out $2000 + for moving expenses, now I have to move back.
2007-05-17 15:30:23 · 9 answers · asked by jeannie 4 in Business & Finance ➔ Renting & Real Estate
By the way, neither realtor asked for the condo's doc's to see if the condo had rules about pets. I have tried to get the deposit, but was told since they were rejected by the board, I wasn't entitled to it.
2007-05-17 15:54:40 · update #1
Hopefully the buyer's had put up some amount of Earnest Money Deposit & it is currently being held with an escrow company.
You should be able to keep that. Since the buyer's defaulted way past a typical "due diligence" period.
Tell the escrow company that you WILL NOT sign cancellation instructions releasing the buyer's earnest money deposit.
if the buyer's say they want their money back then,
You should also be able to take them to "mediation" or small claims court & win.
next time you go to sell, do NOT move out until you have your proceeds check in your hands.
In fact do this next time, put in your contract that you have until Close of escrow, plus 2 days to move out. That way when the buyer's deed records, you'll get your check from the title company & be able to move out.
2007-05-17 15:35:31 · answer #1 · answered by Miss Emily1 3 · 1⤊ 0⤋
There are other factors. However that looks like a pretty tight loop hole. I would check if your state has a law that states the timeframe the HOA - or you have to get the CCR's to the new buyer.. The buyer then might have a timelimit in order to inspect the docs and make sure they comply.
However since they need to be approved that is the loop hole. Unfortunately I do not see a way out. It really sucks and I have known people who got screwed like that, but there are laws and some people choose not to act in good faith.
2007-05-17 17:52:26 · answer #2 · answered by Jessica 2 · 0⤊ 0⤋
I would definitely call a lawyer. When a person makes an offer via contract, they are supposed to submit a deposit to the realtor representing the seller, you. The check is supposed to be held in an account and returned to them when the sale goes through. If they fail to honor the agreement in said contract the funds in that check are to be forfeited and turned over to you to compensate for the loss of time and potential sales that were lost. I'd be asking my realtor where the check is.
2007-05-17 15:37:20 · answer #3 · answered by ersof59 4 · 1⤊ 0⤋
I would call a lawyer and talk to him or her about suing the realtor. How did you not know that the transaction was cancelled until the day of closing? It sounds like your realtor really did a bad job here.
2007-05-17 15:48:05 · answer #4 · answered by Anonymous · 1⤊ 0⤋
As the buyers simply changed their minds, you should be entitled to keep the good faith deposit that they put down at the time that the contract was executed. Hopefully you insisted upon enough to cover the expenses you describe. If not, then you will next time.
2007-05-17 15:36:55 · answer #5 · answered by Tom K 7 · 0⤊ 0⤋
did they sign a contract or anything? sounds like who ever called you screwed up but I would call a lawyer anyway. You should have asked if they were approved and if the contract was signed before you moved. Give it a shot.
2007-05-17 15:35:34 · answer #6 · answered by chris25nc1982 2 · 1⤊ 0⤋
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2007-05-17 21:51:00 · answer #7 · answered by james 3 · 1⤊ 0⤋
If you feel like you are owed money and are not being paid, the best thing would be to ask a realestate lawyer if you have a case!
Good Luck!
2007-05-17 17:20:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
didn't the buyer put down some deposit money? I think you are entitled to that.
2007-05-17 15:33:48 · answer #9 · answered by Anonymous · 1⤊ 0⤋