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Posted on 5/27/15 at 12:13 pm to blueboxer1119
Screw them. They signed the agreement and knew or should have known the contents of said agreement. It's right there in black and white.
They found an "issue" with the AC that they didn't even notify you of in proper manner and you even offered to fix the made up "issue" by replacing the AC. I know in LA that's all that's required for you to do is to fix any issue they found. The fact that they aren't OK with you fixing the issue they (incorrectly) notified you of means they are acting in bad faith. Go after them legally just as its laid out in the contract that they signed. 10% penalty, specific performance, whatever. Again, they are the ones acting in bad faith, not you.
They found an "issue" with the AC that they didn't even notify you of in proper manner and you even offered to fix the made up "issue" by replacing the AC. I know in LA that's all that's required for you to do is to fix any issue they found. The fact that they aren't OK with you fixing the issue they (incorrectly) notified you of means they are acting in bad faith. Go after them legally just as its laid out in the contract that they signed. 10% penalty, specific performance, whatever. Again, they are the ones acting in bad faith, not you.
Posted on 5/27/15 at 12:21 pm to yellowhammer2098
quote:
The contract says I can sue for 10% of the sales price, which in this case would be about 30K.
Keep your deposit and move on. Obtaining that 30k could cost you more than that.
Posted on 5/27/15 at 12:22 pm to MikeBRLA
You are giving him bad advice. How old are you?
Posted on 5/27/15 at 12:41 pm to blueboxer1119
Been on both sides of this. When someone backed out on me I just let it go. It wasn;t worth my time to deal with it. I even refunded their deposit no questions asked. I relisted it and it sold for the same price it was under contract for originally.
On the flip side, I was under a contract for a lot and the sellers agent could not get me the exact setbacks. When I found out what they were on my own I tried to design the house but couldn't because the land was too small. it was my mstake as I shouldn't have assumed they were the same as the block over.
I then tried to back out by offering my deposit and they threatened to sue me for the deposit plus 10 percent of sales price. I didn't care because in the meantime I found a better lot for much less money. I called their bluff because I was coming out ahead either way. After about a month and right before closing I had my attorney threaten to sue them for my deposit because of multiple illegal stipulations in the original contract. They then said I could get out if I would let them keep the deposit. I agreed and it went away.
A month later they had the property under contract for 10 grand more than I was paying plus they kept my deposit. Turned out to be big waste of time for all parties.
My advise, just let it go. Life is too short.
ETA: Just because you think your contract is solid doesn't mean it is. Real estate agents by nature aren't too smart and are very lazy. This has never been more the case now with agents preparing and people signing these things quickly via docusign on their phones. Chances are any decent real estate attorney can find holes in the contract rendering it useless in court anyway. And like another poster said, you have no shot of proving the damages are worth 10% of the selling price, especially if you re-list it and it sells for a close price.
On the flip side, I was under a contract for a lot and the sellers agent could not get me the exact setbacks. When I found out what they were on my own I tried to design the house but couldn't because the land was too small. it was my mstake as I shouldn't have assumed they were the same as the block over.
I then tried to back out by offering my deposit and they threatened to sue me for the deposit plus 10 percent of sales price. I didn't care because in the meantime I found a better lot for much less money. I called their bluff because I was coming out ahead either way. After about a month and right before closing I had my attorney threaten to sue them for my deposit because of multiple illegal stipulations in the original contract. They then said I could get out if I would let them keep the deposit. I agreed and it went away.
A month later they had the property under contract for 10 grand more than I was paying plus they kept my deposit. Turned out to be big waste of time for all parties.
My advise, just let it go. Life is too short.
ETA: Just because you think your contract is solid doesn't mean it is. Real estate agents by nature aren't too smart and are very lazy. This has never been more the case now with agents preparing and people signing these things quickly via docusign on their phones. Chances are any decent real estate attorney can find holes in the contract rendering it useless in court anyway. And like another poster said, you have no shot of proving the damages are worth 10% of the selling price, especially if you re-list it and it sells for a close price.
This post was edited on 5/27/15 at 12:54 pm
Posted on 5/27/15 at 1:30 pm to Tigersfan
I was selling a house after Katrina. The buyers were refugees. The wife liked it and they signed to purchase. They were under duress as the inventory was very limited for move-in ready houses.
Several days later, the wife called and said the husband did not want to buy. I wished them well, commiserating with their situation, and returned their deposit. (Sold the house to someone else).
---
I have also had renters back out after putting down a deposit, and generally just return the money if it hasn't been too long.
I do not want to sell or rent to someone who does not want the property.
Several days later, the wife called and said the husband did not want to buy. I wished them well, commiserating with their situation, and returned their deposit. (Sold the house to someone else).
---
I have also had renters back out after putting down a deposit, and generally just return the money if it hasn't been too long.
I do not want to sell or rent to someone who does not want the property.
This post was edited on 5/27/15 at 1:33 pm
Posted on 5/27/15 at 1:31 pm to ItzMe1972
What does YOUR realtor say?
He/she works for a broker and they will not casually hand over the deposit which is in their escrow account.
He/she works for a broker and they will not casually hand over the deposit which is in their escrow account.
This post was edited on 5/27/15 at 1:34 pm
Posted on 5/27/15 at 2:09 pm to Tigersfan
quote:
you have no shot of proving the damages are worth 10% of the selling price
Would this even be a requirement since both parties agreed that the penalty for breaking the contract is 10% of the contract price? It's a penalty that is written in black and white that they agreed to.
Posted on 5/27/15 at 2:11 pm to blueboxer1119
I bet you'd be real excited getting a speeding ticket for going 61 in a 60 or if Riverside scoops in and tows your car immediately after mistakenly parking in the wrong spot.
I mean, you were technically breaking the law, right?
Why shouldn't it cost you a few hundred bucks.
Don't be Riversidesque, you're better than that. Or maybe you're just an a-hole, in which case I hope your kids take after your wife.
I mean, you were technically breaking the law, right?
Why shouldn't it cost you a few hundred bucks.
Don't be Riversidesque, you're better than that. Or maybe you're just an a-hole, in which case I hope your kids take after your wife.
Posted on 5/27/15 at 2:23 pm to LNCHBOX
quote:
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.
Something tells me there is some exaggeration going on here.
Posted on 5/27/15 at 3:26 pm to MikeBRLA
quote:
Would this even be a requirement since both parties agreed that the penalty for breaking the contract is 10% of the contract price? It's a penalty that is written in black and white that they agreed to.
Remember if this goes before a court, a judge would rule on it. Which means, anything can happen.
Posted on 5/27/15 at 3:31 pm to MikeBRLA
No court will award you for damages you didn't incur. Like I said, I just went through all this bullshite. I was lucky enough to have a family member who is a real estate attorney and partner in a prominent large firm. If OP wants to be a dick, ask for the deposit. And whether or not he is being a dick is debatable. But going after 10 percent of the selling price is a massive excercise in futility.
Posted on 5/27/15 at 3:31 pm to KJason
I want to make sure I'm understanding this correctly.
So it's expected of me to let the buyers off the hook? Regardless that a written contract was broken?
If I don't let them off the hook, it makes me an arse?
What's the point of even having a purchase agreement if buyers can take a dump on it and not be liable in any way after the inspection period is over?
Isn't there a reason the inspection period is X number of days? If not, you could just say, "yeah, that's cool, just show up for closing if you want to. If not, don't sweat it."
So it's expected of me to let the buyers off the hook? Regardless that a written contract was broken?
If I don't let them off the hook, it makes me an arse?
What's the point of even having a purchase agreement if buyers can take a dump on it and not be liable in any way after the inspection period is over?
Isn't there a reason the inspection period is X number of days? If not, you could just say, "yeah, that's cool, just show up for closing if you want to. If not, don't sweat it."
Posted on 5/27/15 at 3:35 pm to blueboxer1119
quote:
So it's expected of me to let the buyers off the hook? Regardless that a written contract was broken?
Yes, because it was so barely broken that you look like an a-hole for even thinking of suing over it.
quote:
If I don't let them off the hook, it makes me an arse?
Absolutely.
quote:
What's the point of even having a purchase agreement if buyers can take a dump on it and not be liable in any way after the inspection period is over?
He let you know within the window. You're arguing over a very small technicality. There is still plenty of reasons to have a contract, but you're being a butt hurt baby over a small detail.
quote:
Isn't there a reason the inspection period is X number of days? If not, you could just say, "yeah, that's cool, just show up for closing if you want to. If not, don't sweat it."
You were notified within X number of days.
Posted on 5/27/15 at 3:43 pm to blueboxer1119
It's clear you've already decided what to do. You aren't picking up any additional backers in this thread, so go forth. Do report back though.
Posted on 5/27/15 at 3:48 pm to blueboxer1119
keep the deposit and move on. I def would not go after the deposit + 10%
Posted on 5/27/15 at 3:48 pm to LNCHBOX
You're missing the point.
The PA, which contains the responsibilities and expectations for both parties were given to both parties and signed. Signing by the buyers is acceptance of every small detail in that contract.
It's black and white.
The reason I'm debating it is due to the fact that the buyers will not provide me a copy of the inspection and refuse to willingly give up the deposit.
My agent is telling me that they are refusing to cough up the inspection because it indicates nothing wrong with the house (realtors talk I guess).
I'm surprised how many people disregard a broken contract.
There is no "barely broken". It was either broken or not. In this case it was broken.
Thanks for the advice though.
The PA, which contains the responsibilities and expectations for both parties were given to both parties and signed. Signing by the buyers is acceptance of every small detail in that contract.
It's black and white.
The reason I'm debating it is due to the fact that the buyers will not provide me a copy of the inspection and refuse to willingly give up the deposit.
My agent is telling me that they are refusing to cough up the inspection because it indicates nothing wrong with the house (realtors talk I guess).
I'm surprised how many people disregard a broken contract.
There is no "barely broken". It was either broken or not. In this case it was broken.
Thanks for the advice though.
This post was edited on 5/27/15 at 3:50 pm
Posted on 5/27/15 at 3:54 pm to Tigersfan
quote:
No court will award you for damages you didn't incur.
It's not damages, it's a penalty they agreed to pay if they didn't follow through with the agreement. Granted, I haven't read this particular contract.
Posted on 5/27/15 at 3:57 pm to blueboxer1119
quote:
You're missing the point.
No, clearly you are.
quote:
The PA, which contains the responsibilities and expectations for both parties were given to both parties and signed. Signing by the buyers is acceptance of every small detail in that contract.
It's black and white.
No shite.
quote:
buyers will not provide me a copy of the inspection
Did you pay for it? Why should they? I bet that isn't in your contract.
quote:
refuse to willingly give up the deposit
Do they even have it? Shouldn't it be in escrow?
quote:
My agent is telling me that they are refusing to cough up the inspection because it indicates nothing wrong with the house (realtors talk I guess).
Or maybe it's because there is no reason for them to pay hundreds of dollars for an inspection and then give it to you? Why don't you get your own if you think it says nothing?
quote:
I'm surprised how many people disregard a broken contract.
Most people here aren't assholes over a small detail trying to weasel money out of people.
quote:
There is no "barely broken". It was either broken or not. In this case it was broken.
Barely.
quote:
Thanks for the advice though.
Whatever helps you sleep at night. You're an a-hole apparently. It's OK. Just don't sit here and expect us to fellate you and you assholishness.
Posted on 5/27/15 at 3:59 pm to blueboxer1119
I'm surprised how many people disregard a broken contract.
There is no "barely broken". It was either broken or not. In this case it was broken.
Thanks for the advice though.
----------------------------------------------
Frustrating I know!
Kick the dog, get a beer and go scream outside. Then get another beer.
The inspection report will indicate some things wrong, even if it's a dripping faucet. The buyer basically has an escape/weasel clause here.
Sorry that happened to you but another buyer will be along.
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