re: Backing out of Purchase Agreement

[quote]
My agent listed the house as pending while it was under contract. I had about 6-8 showings get cancelled.


shite happens.

Not without penalty

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?

They did not send in paperwork required per the contract. You realize a contract is a binding agreement right? It doesn't mean the seller can't shop for better offers while the buyer shops for better deals.

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.

I'd be sticking it to them by enforcing a contract that they signed? That's an interesting concept.

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?

Not sticking anything to anybody, simply enforcing a contract that they signed. Pretty simple concept.

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.[/quote