Our buyers wanted to close on our house in 28 days. The contract went back and forth, and the home owner documents sent. One week prior to closing, they pulled out of the contract. Do we have any legal recourse ?
2007-12-03 10:07:12 · 3 answers · asked by Mark J 3 in Business & Finance ➔ Renting & Real Estate
The deadline for response to the Home Owner docs (HOA info) was tomorrow, and they pulled out today. Is that still considered non performance, or are they still within their rights as buyers ?
2007-12-03 10:19:06 · update #1
Yes...I have an agent from a well known reputable firm, as do the buyers......just looking for a second opinion
2007-12-03 10:40:49 · update #2
It sounds like the buyer had the right to put out. They did so prior to the deadline each of you agreed on.
All contracts have outs in them allowing a buyer to walk away from the deal with their deposit, no matter how big of deposit.
They exist to protect the buyer. You know what you are selling. A buyer must learn through inspectors, title searches, and review documents---like the HOA one you sent.
Shouldn't a buyer have the right to walk away, if they learn they are buying something different from what they thought.
2007-12-03 11:11:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Let me guess...there are NO Realtors involved to tell you if the buyers had a right to pull out or not?
That's what happens when you don't have legal representation.
Here is your problem: Without VIVID details, time, date, etc...and looking at the contracts and each piece of communication that was sent back and forth...YOU MAY OR MAY NOT have a valid real estate contract.
There is technically no such thing as a counter-offer...each contract is considered legally new and each time you "counter" you have essentially voided the first contract.
That is why it is going to be difficult.
Next time have a Realtor to represent you and that way you won't have to worry about this ever happening again.
You now need to PAY and consult with a Real Estate attorney to see if the buyer's had a right to pull out or not.
2007-12-03 10:29:26 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
You can sue for non-performance. They can't be forced to complete the sale, but they can be made to forfeit any deposit or 'earnest money' they put down, and if your sale to someone else results in a lower price than what they agreed to, they can have a judgement declared against them for the loss to you. Enforcing the judgement is another matter. That's why you want the buyer to put up as much earnest money as possible.
2007-12-03 10:12:51 · answer #3 · answered by curtisports2 7 · 0⤊ 1⤋