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Started By
Message
re: Backing out of Purchase Agreement
Posted on 5/27/15 at 8:21 am to tygerfan1
Posted on 5/27/15 at 8:21 am to tygerfan1
quote:
They should at least forfiet their deposit
Why? The "buyer" acted within the terms of the contract.
ETA: I guess I missed the "in writing." I still think trying to go after their deposit is a bad idea. They gave you notice within the window. If the show was on the other foot OP would most certainly not want them to try to get the deposit money.
This post was edited on 5/27/15 at 8:33 am
1
Posted on 5/27/15 at 8:48 am to LNCHBOX
My agent listed the house as pending while it was under contract. I had about 6-8 showings get cancelled.
The buyers did not send in necessary paperwork as stated they must in the contract.
I don't think I'd be "sticking it to them" by enforcing the contract any more than they did to me.
The contract says I can sue for 10% of the sales price, which in this case would be about 30K.
Would it be a bad move to look like I'm going forward with the suit to "persuade" them to go forward?
This is not my primary residence. It's now sitting there while I pay for it, utilities, insurance, etc while it's pretty much off the market while listed as pending. Not being able to liquidate it when I expected to will also have other financial consequences that would take a long time to explain. Basically, yes, this will cost me money.
The buyers did not send in necessary paperwork as stated they must in the contract.
I don't think I'd be "sticking it to them" by enforcing the contract any more than they did to me.
The contract says I can sue for 10% of the sales price, which in this case would be about 30K.
Would it be a bad move to look like I'm going forward with the suit to "persuade" them to go forward?
This is not my primary residence. It's now sitting there while I pay for it, utilities, insurance, etc while it's pretty much off the market while listed as pending. Not being able to liquidate it when I expected to will also have other financial consequences that would take a long time to explain. Basically, yes, this will cost me money.
Posted on 5/27/15 at 8:53 am to blueboxer1119
quote:
My agent listed the house as pending while it was under contract. I had about 6-8 showings get cancelled.
shite happens.
quote:
The buyers did not send in necessary paperwork as stated they must in the contract.
Did they or did they not let you know before the 10 day window?
quote:
I don't think I'd be "sticking it to them" by enforcing the contract any more than they did to me.
You most certainly would be trying to stick it to them. They backed out in the proper window, but you're just trying to squeeze them now.
quote:
The contract says I can sue for 10% of the sales price, which in this case would be about 30K.
So walk me through your reasoning on how you're not trying to stick it to them again?
quote:
Would it be a bad move to look like I'm going forward with the suit to "persuade" them to go forward?
I personally would just let it go. If you had 6-8 showings set up within 10 days, you should have no problem finding another buyer.
quote:
This is not my primary residence. It's now sitting there while I pay for it, utilities, insurance, etc while it's pretty much off the market while listed as pending. Not being able to liquidate it when I expected to will also have other financial consequences that would take a long time to explain. Basically, yes, this will cost me money.
shite happens.
Posted on 5/27/15 at 8:54 am to blueboxer1119
You can be as hard-headed as you want but you cannot make someone buy a house they don't want. Something turned them off, and it's a big decision/purchase to make. You are also not getting $30k from them, you are going to try and fight an uphill battle that will cost you more money in the long run.
My advice to you would be contact the party involved personally, have a conversation with them and move on. Honestly you don't even have to contact them, just move on. For the life of me, I'm not sure why you have such a short period of notice (10 days). It really sounds like you were out to take advantage of someone.
My advice to you would be contact the party involved personally, have a conversation with them and move on. Honestly you don't even have to contact them, just move on. For the life of me, I'm not sure why you have such a short period of notice (10 days). It really sounds like you were out to take advantage of someone.
This post was edited on 5/27/15 at 8:55 am
Posted on 5/27/15 at 9:37 am to blueboxer1119
They gave you notice within 10 days, right? The notice was in improper form. But notice was given all the same. And when the phone call ended with your realtor, the next thing the realtor should have done is go on to the MLS, remove the
"pending" tag, and immediately contact all of the other agents who made appointments for their clients but cancelled because of the pending.
Certainly, you can sue. But would a judge find that the simple act of not putting it in writing would be worthy of damages?
To me, the problem isn't the buyer... it's the buyer's agent and your agent.
Do what you gotta do, but just remember about karma. If the house is a great house that priced right, another buyer will be on the way shortly.
"pending" tag, and immediately contact all of the other agents who made appointments for their clients but cancelled because of the pending.
Certainly, you can sue. But would a judge find that the simple act of not putting it in writing would be worthy of damages?
To me, the problem isn't the buyer... it's the buyer's agent and your agent.
Do what you gotta do, but just remember about karma. If the house is a great house that priced right, another buyer will be on the way shortly.
This post was edited on 5/27/15 at 9:38 am
Posted on 5/27/15 at 9:40 am to LNCHBOX
I think I actually agree with what LNCHBOX said. 
Posted on 5/27/15 at 9:45 am to LSUFanHouston
quote:
To me, the problem isn't the buyer... it's the buyer's agent and your agent
My thinking as well.
I think the first conversation you need to have is with your agent and detremine why he/she didn't continue trying to sell the house in those 10 days. Deals fall through all the time. If it's that pressing an issue to sell, perhaps firing the agent and finding someone else that will better represent your interests.
It is odd you haven't been able to see the inspection report, but I'd suspect there's nothing on it and the potential buyers just got cold feet and are using the A/C as an excuse, like you said. shite happens.
Ultimately, you're right to be pissed, but I think the anger should be directed at your agent.
Posted on 5/27/15 at 10:37 am to LNCHBOX
[quote]
My agent listed the house as pending while it was under contract. I had about 6-8 showings get cancelled.
shite happens.
Not without penalty
quote:
The buyers did not send in necessary paperwork as stated they must in the contract.
Did they or did they not let you know before the 10 day window?
They did not send in paperwork required per the contract. You realize a contract is a binding agreement right? It doesn't mean the seller can't shop for better offers while the buyer shops for better deals.
quote:
I don't think I'd be "sticking it to them" by enforcing the contract any more than they did to me.
You most certainly would be trying to stick it to them. They backed out in the proper window, but you're just trying to squeeze them now.
I'd be sticking it to them by enforcing a contract that they signed? That's an interesting concept.
quote:
The contract says I can sue for 10% of the sales price, which in this case would be about 30K.
So walk me through your reasoning on how you're not trying to stick it to them again?
Not sticking anything to anybody, simply enforcing a contract that they signed. Pretty simple concept.
quote:
Would it be a bad move to look like I'm going forward with the suit to "persuade" them to go forward?
I personally would just let it go. If you had 6-8 showings set up within 10 days, you should have no problem finding another buyer.
quote:
This is not my primary residence. It's now sitting there while I pay for it, utilities, insurance, etc while it's pretty much off the market while listed as pending. Not being able to liquidate it when I expected to will also have other financial consequences that would take a long time to explain. Basically, yes, this will cost me money.
shite happens.[/quote
My agent listed the house as pending while it was under contract. I had about 6-8 showings get cancelled.
shite happens.
Not without penalty
quote:
The buyers did not send in necessary paperwork as stated they must in the contract.
Did they or did they not let you know before the 10 day window?
They did not send in paperwork required per the contract. You realize a contract is a binding agreement right? It doesn't mean the seller can't shop for better offers while the buyer shops for better deals.
quote:
I don't think I'd be "sticking it to them" by enforcing the contract any more than they did to me.
You most certainly would be trying to stick it to them. They backed out in the proper window, but you're just trying to squeeze them now.
I'd be sticking it to them by enforcing a contract that they signed? That's an interesting concept.
quote:
The contract says I can sue for 10% of the sales price, which in this case would be about 30K.
So walk me through your reasoning on how you're not trying to stick it to them again?
Not sticking anything to anybody, simply enforcing a contract that they signed. Pretty simple concept.
quote:
Would it be a bad move to look like I'm going forward with the suit to "persuade" them to go forward?
I personally would just let it go. If you had 6-8 showings set up within 10 days, you should have no problem finding another buyer.
quote:
This is not my primary residence. It's now sitting there while I pay for it, utilities, insurance, etc while it's pretty much off the market while listed as pending. Not being able to liquidate it when I expected to will also have other financial consequences that would take a long time to explain. Basically, yes, this will cost me money.
shite happens.[/quote
Posted on 5/27/15 at 10:42 am to blueboxer1119
I'd take their deposit. Or have your agent cover that amount.
You aren't getting 30k out of this because of a less than 24 hour delay in communication.
You aren't getting 30k out of this because of a less than 24 hour delay in communication.
Posted on 5/27/15 at 10:46 am to blueboxer1119
quote:
blueboxer1119
You've already made your decision. You are looking for approval on here, which for the most part, you won't get. You gotta do what you feel is best. We're just saying... asking for deposit plus 10 percent plus costs just because the communication was verbal and not in writing... is a bit much.
You have every right to pursue your claims, but you need to know that a judge may or may not see it the same way.
Posted on 5/27/15 at 10:55 am to blueboxer1119
FSBO next time, hoss.
Posted on 5/27/15 at 10:56 am to blueboxer1119
You are stubborn and hard-headed. Please update this thread once you come out of this whole ordeal losing even more money.
Posted on 5/27/15 at 11:01 am to blueboxer1119
I would just keep the deposit, which should be easy to get from the broker. I agree you can go after the 10% because they breached the contract, but I don't think it would be worth the headache after time and legal costs. Your agent should easily reschedule the showings since it has been less than 2 weeks and the deposit should be enough to cover any extra costs occurred in that time period.
For Reference, if using the standard LREC PA:
Lines 184-187 state (in all caps):
FAILURE TO GIVE WRITTEN NOTICE OF EITHER TERMINATION OR DEFICIENCIES AND DESIRED REMEDIES TO THE SELLER (OR THE SELLER'S DESIGNATED AGENT) AS SET FORTH IN LINES 150 THROUGH 173 WITHIN THE INSPECTION AND DUE DILIGENCE PERIOD SHALL BE DEEMED AS ACCEPTANCE BY THE BUYER OF THE PROPERTY'S CURRENT CONDITION.
Lines 150 through 173 basically say all the different things the buyer can inspect with two options if the buyer is not satisfied with the condition:
Option 1: terminate agreement in writing
Option 2: indicate deficiencies and desired remedies in writing
For Reference, if using the standard LREC PA:
Lines 184-187 state (in all caps):
FAILURE TO GIVE WRITTEN NOTICE OF EITHER TERMINATION OR DEFICIENCIES AND DESIRED REMEDIES TO THE SELLER (OR THE SELLER'S DESIGNATED AGENT) AS SET FORTH IN LINES 150 THROUGH 173 WITHIN THE INSPECTION AND DUE DILIGENCE PERIOD SHALL BE DEEMED AS ACCEPTANCE BY THE BUYER OF THE PROPERTY'S CURRENT CONDITION.
Lines 150 through 173 basically say all the different things the buyer can inspect with two options if the buyer is not satisfied with the condition:
Option 1: terminate agreement in writing
Option 2: indicate deficiencies and desired remedies in writing
Posted on 5/27/15 at 11:11 am to blueboxer1119
You seem to have made up your mind already.
Posted on 5/27/15 at 11:16 am to blueboxer1119
What is your agent telling you to do? I feel like they should know the correct protocol here better than anyone.
Posted on 5/27/15 at 11:27 am to blueboxer1119
They're definitely trying to stick it to you. However, after thinking about it more and reading the situation again today, I'd suggest just keeping the deposit.
Posted on 5/27/15 at 11:28 am to blueboxer1119
Tell you whatever you have to. I, as well as many here, think you're being an a-hole for trying to go for every cent you can here.
Clearly you have doubts about it since you're on here looking for approval. You should listen to your gut and lay off.
Clearly you have doubts about it since you're on here looking for approval. You should listen to your gut and lay off.
Posted on 5/27/15 at 11:38 am to blueboxer1119
Just b/c you can sue for the 10% doesn't mean you'll get it - you'll have to show you incurred damages sufficient to compensate the award, which is going to be difficult to do with only a 10-day delay. You aren't going to find a skilled attorney to take that on a contingency basis either, so it's going to cost you to pursue it.
I would drop it - if you can be honest with yourself and come out convinced that this 10-day delay cost you some money, then keep some of the deposit. But I'm guessing you can't.
I would drop it - if you can be honest with yourself and come out convinced that this 10-day delay cost you some money, then keep some of the deposit. But I'm guessing you can't.
Posted on 5/27/15 at 11:53 am to blueboxer1119
So they actually gave you notice within the 10 day window, but it wasn't in writing? I couldn't imagine suing someone in that scenario. I mean they gave you notice. Don't be a dick.
But you knew they could back out at any point in the 10 day window. They did this. Yes technically you can legally sue because it wasn't in writing. It's just a dick move IMO. You're going try to take $30k from someone because they didn't write something down?
The contract has to say in writing because everything always has to be in writing so that there is physical evidence of the notification. Come on man, be a reasonable human. These contracts were not intended for you to be able to file a bullshite lawsuit if you want. But again, yes, you legally can do it.
quote:
Basically, yes, this will cost me money.
But you knew they could back out at any point in the 10 day window. They did this. Yes technically you can legally sue because it wasn't in writing. It's just a dick move IMO. You're going try to take $30k from someone because they didn't write something down?
quote:
Not sticking anything to anybody, simply enforcing a contract that they signed. Pretty simple concept.
The contract has to say in writing because everything always has to be in writing so that there is physical evidence of the notification. Come on man, be a reasonable human. These contracts were not intended for you to be able to file a bullshite lawsuit if you want. But again, yes, you legally can do it.
This post was edited on 5/27/15 at 12:10 pm
Posted on 5/27/15 at 12:02 pm to PhiTiger1764
I'm going to put in my purchase agreement that I must be notified in writing if they decline during the due diligence period and I must be addressed as "His Royal Excellency" in the written refusal.
Failure to do both will result in penalies of 25% of the offer price to repair my damaged ego.
So shall it be written, so shall it be done.
Failure to do both will result in penalies of 25% of the offer price to repair my damaged ego.
So shall it be written, so shall it be done.
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