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Started By
Message
re: Backing out of Purchase Agreement
Posted on 5/27/15 at 10:37 am to LNCHBOX
Posted on 5/27/15 at 10:37 am to LNCHBOX
[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
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
11
Posted on 5/27/15 at 10:42 am to blueboxer1119
I'd take their deposit. Or have your agent cover that amount.
You aren't getting 30k out of this because of a less than 24 hour delay in communication.
You aren't getting 30k out of this because of a less than 24 hour delay in communication.
Posted on 5/27/15 at 10:46 am to blueboxer1119
quote:
blueboxer1119
You've already made your decision. You are looking for approval on here, which for the most part, you won't get. You gotta do what you feel is best. We're just saying... asking for deposit plus 10 percent plus costs just because the communication was verbal and not in writing... is a bit much.
You have every right to pursue your claims, but you need to know that a judge may or may not see it the same way.
Posted on 5/27/15 at 10:55 am to blueboxer1119
FSBO next time, hoss.
Posted on 5/27/15 at 10:56 am to blueboxer1119
You are stubborn and hard-headed. Please update this thread once you come out of this whole ordeal losing even more money.
Posted on 5/27/15 at 11:01 am to blueboxer1119
I would just keep the deposit, which should be easy to get from the broker. I agree you can go after the 10% because they breached the contract, but I don't think it would be worth the headache after time and legal costs. Your agent should easily reschedule the showings since it has been less than 2 weeks and the deposit should be enough to cover any extra costs occurred in that time period.
For Reference, if using the standard LREC PA:
Lines 184-187 state (in all caps):
FAILURE TO GIVE WRITTEN NOTICE OF EITHER TERMINATION OR DEFICIENCIES AND DESIRED REMEDIES TO THE SELLER (OR THE SELLER'S DESIGNATED AGENT) AS SET FORTH IN LINES 150 THROUGH 173 WITHIN THE INSPECTION AND DUE DILIGENCE PERIOD SHALL BE DEEMED AS ACCEPTANCE BY THE BUYER OF THE PROPERTY'S CURRENT CONDITION.
Lines 150 through 173 basically say all the different things the buyer can inspect with two options if the buyer is not satisfied with the condition:
Option 1: terminate agreement in writing
Option 2: indicate deficiencies and desired remedies in writing
For Reference, if using the standard LREC PA:
Lines 184-187 state (in all caps):
FAILURE TO GIVE WRITTEN NOTICE OF EITHER TERMINATION OR DEFICIENCIES AND DESIRED REMEDIES TO THE SELLER (OR THE SELLER'S DESIGNATED AGENT) AS SET FORTH IN LINES 150 THROUGH 173 WITHIN THE INSPECTION AND DUE DILIGENCE PERIOD SHALL BE DEEMED AS ACCEPTANCE BY THE BUYER OF THE PROPERTY'S CURRENT CONDITION.
Lines 150 through 173 basically say all the different things the buyer can inspect with two options if the buyer is not satisfied with the condition:
Option 1: terminate agreement in writing
Option 2: indicate deficiencies and desired remedies in writing
Posted on 5/27/15 at 11:11 am to blueboxer1119
You seem to have made up your mind already.
Posted on 5/27/15 at 11:16 am to blueboxer1119
What is your agent telling you to do? I feel like they should know the correct protocol here better than anyone.
Posted on 5/27/15 at 11:27 am to blueboxer1119
They're definitely trying to stick it to you. However, after thinking about it more and reading the situation again today, I'd suggest just keeping the deposit.
Posted on 5/27/15 at 11:28 am to blueboxer1119
Tell you whatever you have to. I, as well as many here, think you're being an a-hole for trying to go for every cent you can here.
Clearly you have doubts about it since you're on here looking for approval. You should listen to your gut and lay off.
Clearly you have doubts about it since you're on here looking for approval. You should listen to your gut and lay off.
Posted on 5/27/15 at 2:11 pm to blueboxer1119
I bet you'd be real excited getting a speeding ticket for going 61 in a 60 or if Riverside scoops in and tows your car immediately after mistakenly parking in the wrong spot.
I mean, you were technically breaking the law, right?
Why shouldn't it cost you a few hundred bucks.
Don't be Riversidesque, you're better than that. Or maybe you're just an a-hole, in which case I hope your kids take after your wife.
I mean, you were technically breaking the law, right?
Why shouldn't it cost you a few hundred bucks.
Don't be Riversidesque, you're better than that. Or maybe you're just an a-hole, in which case I hope your kids take after your wife.
Posted on 5/27/15 at 5:43 pm to blueboxer1119
quote:
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.
No court in the country is going to enforce 30K in damages in this situation. They don't enforce penalties, and that damages provision looks like a penalty (from what I can tell reading this). Penalties are anti-commerce.
You can enforce your real economic loss from them backing out. No more.
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