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Started By
Message
re: Backing out of Purchase Agreement
Posted on 5/27/15 at 8:48 am to LNCHBOX
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.
3
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
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