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Message
re: Homebuyers backed out. Seeking advice.
Posted on 12/9/16 at 8:09 pm to MikeBRLA
Posted on 12/9/16 at 8:09 pm to MikeBRLA
quote:
The standard LA contract states that if any party backs out without cause the other is entitled to 10% of the contract price or specific performance (force them to close)
This is good info. I'll discuss this with my girl and move forward.
1
Posted on 12/9/16 at 8:45 pm to HappyTownTiger
quote:
quote:
The standard LA contract states that if any party backs out without cause the other is entitled to 10% of the contract price or specific performance (force them to close)
This is good info. I'll discuss this with my girl and move forward.
The buyer has a lot more room to terminate than the seller and you will have to hire an attorney to show cause. You can recoup those fees if you prove but as I said the buyer can really find a way out if they want.
If he can't buy it for the reasons stated just keep his earnest money and find another buyer. Either way it will interfere with your other transaction so moving on to find another buyer rather than argueong with him for the next 2-3 months will just put you that much farther behind.
Chalk it up to shite happens and move on. You still have the house, bump the number up and get your agent working. Time is of the essence.
Posted on 12/9/16 at 8:54 pm to MikeBRLA
quote:
The standard LA contract states that if any party backs out without cause the other is entitled to 10% of the contract price or specific performance (force them to close)
Exactly what I was going to say. You're about to sue the frick outta your buyer.
Posted on 12/9/16 at 8:56 pm to poops_at_parties
Exactly what I was going to say. You're about to sue the
I would stay out of this rabbit hole if possible, it can drag out forever and you will not be able to sell the house to anyone else in the meantime, just keep the deposit and find another buyer, you will be much happier and better off in the end.
quote:
frick outta your buyer.
I would stay out of this rabbit hole if possible, it can drag out forever and you will not be able to sell the house to anyone else in the meantime, just keep the deposit and find another buyer, you will be much happier and better off in the end.
Posted on 12/9/16 at 9:09 pm to HappyTownTiger
Keep their deposit. Profit.
Posted on 12/9/16 at 11:23 pm to Layabout
I really wanna hear from the guy on here in 2 weeks that lost his $5,000 in earnest money trying to buy a house with a girlfriend.
Posted on 12/10/16 at 12:35 am to HappyTownTiger
I'm no lawyer but I think if you just tell them no backsies you're good.
Posted on 12/10/16 at 2:19 am to REB BEER
quote:
If only you had a real estate agent that could take care of this for you...oh wait a minute. Everyone on the OT is smarter than real estate agents and don't need them.
Posted on 12/10/16 at 3:17 am to HappyTownTiger
forgive my ignorance, but earnest money isn't taxed right?
Posted on 12/10/16 at 9:06 am to REB BEER
quote:
If only you had a real estate agent that could take care of this for you...oh wait a minute. Everyone on the OT is smarter than real estate agents and don't need them.
Other than adding 6 percent I don't see what an agent can do that I can't.
Posted on 12/10/16 at 5:03 pm to HappyTownTiger
quote:
Other than adding 6 percent I don't see what an agent can do that I can't.
LOL.....yet you are seeking legal advice on a message board. That's rich
Posted on 12/10/16 at 5:18 pm to BirdDawg
NJ everyone has attorney at close
Posted on 12/10/16 at 7:10 pm to HappyTownTiger
Good luck. Ask Ellender's mom for a referral if your brother or Dean can't help.
Posted on 12/10/16 at 7:17 pm to skinny domino
So what would a RE agent do in this situation, besides telling him they backed out and he gets to pocket the deposit? Would the agent set up a date to hook him back up with his old lady?
Posted on 12/11/16 at 8:47 pm to BirdDawg
quote:
LOL.....yet you are seeking legal advice on a message board. That's rich
Sometimes you get a nugget of advice on here. You just have to put up with a few preeks, like yourself.
Posted on 12/11/16 at 9:04 pm to HappyTownTiger
quote:
HappyTownTiger
Life in the big city when it comes to contingency sales on multiple levels of a real estate deal. To be quite honest, forcing someone into a situation they don't want or worse yet may not be able to afford is incredibly shitty to even consider. Just because you are ultimately inconvenienced does not mean you should push a loan on someone who may no longer be able to afford it or is showing signs of instability in their lives.
In every RE deal I've ever been involved with in La, I've never seen one fall through where someone kept the earnest money out of spite. Hell on both of my own, personal contracts I wasn't even required to put any up...
This post was edited on 12/11/16 at 9:07 pm
Posted on 12/11/16 at 9:22 pm to GFunk
Push a loan? They got in a fight. I took mine off the market, got an appraisal, the people I'm buying from moved their stuff out already. This goes well beyond inconvenience.
Posted on 12/11/16 at 9:35 pm to GFunk
I'm with HTT on this. Its not a simple "oh buyer backed out, let me just go find someone else". Now bc of some dipshits who arent even married thinking they should just buy a house together, then getting into an argument and backing out of the whole deal...OP is stuck having to put his house back on the market to find a new buyer, but meanwhile it fricks up the purchase on his new house where the current owners have already started moving out.
This is why unmarried couples should not be allowed to co-borrow on loans together. One little argument and then you've got shite like this happening or if they had already closed, properties getting foreclosed on because one partner moves out and refuses to pay their half of the mortgage.
This is why unmarried couples should not be allowed to co-borrow on loans together. One little argument and then you've got shite like this happening or if they had already closed, properties getting foreclosed on because one partner moves out and refuses to pay their half of the mortgage.
Posted on 12/11/16 at 9:36 pm to HappyTownTiger
quote:
Push a loan? They got in a fight. I took mine off the market, got an appraisal, the people I'm buying from moved their stuff out already. This goes well beyond inconvenience.
Not realistic to enforce specific performance on a buyer. That remedy typically reserved for a buyer to force a seller to sell since a property is unique but you can find another buyer. Keeping deposit is typical in this situation. You shouldn't have gotten that far with the property you are buying until you closed on the sale side. Probably something a broker would have managed but you seem to think you didn't need one but clearly you did.
Posted on 12/11/16 at 9:39 pm to Martini
quote:
just keep his earnest money and find another buyer.
agreed...your goal is to sell the house and if he is not buying, there is no point in fricking around with him any further. devote your energy to achieving the original goal.
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