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Started By
Message
re: Backing out of Purchase Agreement
Posted on 5/28/15 at 9:03 am to TigerBite
Posted on 5/28/15 at 9:03 am to TigerBite
quote:
In summary, and much shorter than my post above; you're pissed off because the house is not worth what you are asking. It has nothing to do with "tying the house up". You just don't think you'll get what they were initially willing to pay and you are upset. Again, move on. Although at this point you have family tied up in this and you are hellbent on your stance. My advice is to find a logical reason to "justify" you walking away to the family members you now have involved and do your best to avoid the topic in the future. Save some face and some anguish and get on with your life.
You have no idea the appraisal or sales price, so how you came to this conclusion baffles me...
I guess that's your take, but it's incorrect.
0
Posted on 5/28/15 at 9:04 am to blueboxer1119
So did the buyer notify you or not in 10 days just not in writing?
Posted on 5/28/15 at 9:08 am to blueboxer1119
congrats on getting the joke Posted on 5/28/15 at 9:10 am to GenesChin
quote:
So did the buyer notify you or not in 10 days just not in writing?
I was not notified in writing at all as required by the contract.
Lunchbox just finished stressing the importance of the contract when he explained that I have no right to the inspection bc it was not in the contract.
So, like in all business, contract details are important I guess.
Posted on 5/28/15 at 9:10 am to boosiebadazz
quote:
Someone who is an "investor" should know that.
No way he is an "investor"
I laugh at that notion...see...
Posted on 5/28/15 at 9:11 am to GenesChin
My take:
OP is an "investor" but utilizes obviously weak realtor/brokers (curiously he evidently isn't one himself) and they royally jerked him around.
They obviously know he's interested in getting over, and yet left a loophole open in the contract whereby the buyers were allowed to back out using an inspection report that was not contractually obligated to be shown to the seller.
Now seller is mad because "he's out money" which he won't go into details about, and is braying and whinnying about the fact that he's got an enforceable contract when in reality his own weakness as an investor created a situation whereby the buyers used an inspection and the refusal of his counter-which they are completely legally able to do-to back away.
He's using skinflint kinfolk lawyer types to send threatening letters and hopes to make serious cash off of his own inexperience and/or ineptitude in selecting realtors to represent his interests in contract writing as an investor.
In short, he wants his cake, would like to eat it too, and wants the MB to tell him he's validated for feeling the way he does.
Look in the mirror pal. The problem is you. If you're an investor and you're using weak-arse realtors and can't even afford to use real attorneys and don't have an honest-to-goodness legal relationship to back your investments, I'd say you remind me of some lines from Hamlet...
Full of Sound & Fury
Signifying Nothing
OP is an "investor" but utilizes obviously weak realtor/brokers (curiously he evidently isn't one himself) and they royally jerked him around.
They obviously know he's interested in getting over, and yet left a loophole open in the contract whereby the buyers were allowed to back out using an inspection report that was not contractually obligated to be shown to the seller.
Now seller is mad because "he's out money" which he won't go into details about, and is braying and whinnying about the fact that he's got an enforceable contract when in reality his own weakness as an investor created a situation whereby the buyers used an inspection and the refusal of his counter-which they are completely legally able to do-to back away.
He's using skinflint kinfolk lawyer types to send threatening letters and hopes to make serious cash off of his own inexperience and/or ineptitude in selecting realtors to represent his interests in contract writing as an investor.
In short, he wants his cake, would like to eat it too, and wants the MB to tell him he's validated for feeling the way he does.
Look in the mirror pal. The problem is you. If you're an investor and you're using weak-arse realtors and can't even afford to use real attorneys and don't have an honest-to-goodness legal relationship to back your investments, I'd say you remind me of some lines from Hamlet...
Full of Sound & Fury
Signifying Nothing
This post was edited on 5/28/15 at 9:19 am
Posted on 5/28/15 at 9:13 am to blueboxer1119
You're dumber than I originally thought.
Posted on 5/28/15 at 9:19 am to LNCHBOX
Can't wait after all of this for OP to find out that his agent may have an email in his inbox about the reasons for backing out.
Not that he would ever tell us if this happens.
Not that he would ever tell us if this happens.
Posted on 5/28/15 at 9:21 am to NaturalBeam
I'd almost put money on it. Almost.
Posted on 5/28/15 at 9:21 am to NaturalBeam
quote:
NaturalBeam
quote:
Can't wait after all of this for OP to find out that his agent may have an email in his inbox about the reasons for backing out. Not that he would ever tell us if this happens.
Two outcomes:
1.) OP never responds about the outcome.
2.) He responds with a lie about winning >10% + court costs and is awarded an English Title for his troubles.
Posted on 5/28/15 at 9:23 am to blueboxer1119
What's your endgame here? You made it seem like you were solely here for advice, which is blatantly obvious you aren't getting due to it being an oddly specific situation. If all you wanted was advice, you wouldn't be responding & defending yourself so vehemently.
My take: who gives a shite what they're reasoning is for backing out? House purchases are life-changing decisions; they had a change of heart... big deal. It didn't take your house off the market for 4 months. Take the deposit for the "inconvenience" and be done with it. Quit trying to blatantly frick these people because of a technicality in the contract simply because you're aggravated, even though legally you're well within your rights. If you want to rake them over coals for not following the contract to a t be my guest, but don't do it under the guise that you aren't being an unreasonable arse due to the fact that there was a minor breach in the contract.
My take: who gives a shite what they're reasoning is for backing out? House purchases are life-changing decisions; they had a change of heart... big deal. It didn't take your house off the market for 4 months. Take the deposit for the "inconvenience" and be done with it. Quit trying to blatantly frick these people because of a technicality in the contract simply because you're aggravated, even though legally you're well within your rights. If you want to rake them over coals for not following the contract to a t be my guest, but don't do it under the guise that you aren't being an unreasonable arse due to the fact that there was a minor breach in the contract.
This post was edited on 5/28/15 at 9:26 am
Posted on 5/28/15 at 9:26 am to LNCHBOX
quote:
You're dumber than I originally thought.
Agreed.
Posted on 5/28/15 at 9:47 am to GFunk
quote:
OP is an "investor" but utilizes obviously weak relator/brokers (curiously he evidently isn't one himself) and they royally jerked him around.
I'm obviously not a realtor. I've used the same purchase agreement and broker for every deal I've ever done.
They obviously know he's interested in getting over, and yet left a loophole open in the contract whereby the buyers were allowed to back out using an inspection report that was not contractually obligated to be shown to the seller.
Contract? Contractually obligated? I've operated by the terms of the contract since day 1.
The buyers are not contractually obligated to show my the inspection report.
They are contractually obligated to send in a written explanation for withdrawing from the purchase within the timeframe set forth in the contract.
Now seller is mad because "he's out money" which he won't go into details about, and is braying and whinnying about the fact that he's got an enforceable contract when in reality his own weakness as an investor created a situation whereby the buyers used an inspection and the refusal of his counter-which they are completely legally able to do-to back away.
They are absolutely able to use the inspection to withdraw from the sale (as stated in the contract), as long as the guidelines set forth in the contract are followed, which they weren't, so they aren't.
He's using skinflint kinfolk lawyer types to send threatening letters and hopes to make serious cash off of his own inexperience and/or ineptitude in selecting realtors to represent his interests in contract writing as an investor.
No inexperience or ineptitude. Pretty simple. See if you can keep up, I'll make it simple:
1. Sign contract
2. Honor contract
Crazy concept, I know.
In short, he wants his cake, would like to eat it too, and wants the MB to tell him he's validated for feeling the way he does.
Actually, I was curious to get intelligent thoughts provided to me by nolatiger, mikebrla, tigersfan, slapahoe, itzme1972, cubsfanbudman, the spleen, jag warrior, or even naturalbeam on pg.2. Those, even that offered differing opinions, I appreciate.
Look in the mirror pal. The problem is you. If you're an investor and you're using weak-arse realtors and can't even afford to use real attorneys and don't have an honest-to-goodness legal relationship to back your investments, I'd say you remind me of some lines from Hamlet...
No, the problem is parties in a contract breaking a contract. I must have left my laptop logged in to my financials for you to have such direct knowledge of what I can afford. I need to remember to log out I guess.
As for the Hamlet stuff, get out of here with that crap. Go read poetry to someone else. Maybe y'all can have a nice cry together.
Posted on 5/28/15 at 9:52 am to Louie T
quote:
What's your endgame here? You made it seem like you were solely here for advice, which is blatantly obvious you aren't getting due to it being an oddly specific situation. If all you wanted was advice, you wouldn't be responding & defending yourself so vehemently.
My take: who gives a shite what they're reasoning is for backing out? House purchases are life-changing decisions; they had a change of heart... big deal. It didn't take your house off the market for 4 months. Take the deposit for the "inconvenience" and be done with it. Quit trying to blatantly frick these people because of a technicality in the contract simply because you're aggravated, even though legally you're well within your rights. If you want to rake them over coals for not following the contract to a t be my guest, but don't do it under the guise that you aren't being an unreasonable arse due to the fact that there was a minor breach in the contract.
This is reasonable advice.
Posted on 5/28/15 at 9:54 am to blueboxer1119
quote:Oh stop it. You got notice in the requisite time period. Putting notice in writing is simply a way to prove notice was given, but you've already admitted notice was given. You're being ridiculous about this whole situation.
No, the problem is parties in a contract breaking a contract.
Posted on 5/28/15 at 9:57 am to blueboxer1119
Was your realtor notified in writing, yes or no?
I find it hard to believe the "buyers" realtor would not have notified yours in writing since they would have known about the clauses in the contract.
I find it hard to believe the "buyers" realtor would not have notified yours in writing since they would have known about the clauses in the contract.
Posted on 5/28/15 at 9:58 am to blueboxer1119
quote:
This is reasonable advice.
We've told you this about 50 times in this very thread.
Posted on 5/28/15 at 10:00 am to blueboxer1119
quote:
This is reasonable advice.
No it's not. You want 10% of the price if the home, or to strong arm the people into buying your house. If it were reasonable, we wouldnt still be having this discussion and you would just keep the deposit.
This post was edited on 5/28/15 at 10:01 am
Posted on 5/28/15 at 10:00 am to LNCHBOX
quote:Exactly. And when he tries to sue the potential buyers, they will look to their agent for rightful recourse. And before that agent ever contacts his E&O carrier, I guarantee a backdated letter will magically appear for everyone's convenience. Agents are going to look out for each other, even agents on different sides of the deal.
Was your realtor notified in writing, yes or no?
I find it hard to believe the "buyers" realtor would not have notified yours in writing since they would have known about the clauses in the contract.
Good luck though, OP
Posted on 5/28/15 at 10:02 am to NaturalBeam
quote:
Good luck though, OP
Frick that, I hope his house burns.
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