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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.
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