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re: Homebuyers backed out. Seeking advice.
Posted on 12/11/16 at 10:09 pm to HappyTownTiger
Posted on 12/11/16 at 10:09 pm to HappyTownTiger
Dude read your contract. If you kept your deposit, that is your recourse. That's (most likely) what you agreed to.
Should have bought your new house open predication if it was indeed predicated upon you selling your home.
Should have bought your new house open predication if it was indeed predicated upon you selling your home.
0
Posted on 12/11/16 at 10:36 pm to HappyTownTiger
quote:
Push a loan? They got in a fight. I took mine off the market, got an appraisal, the people I'm buying from moved their stuff out already. This goes well beyond inconvenience.
quote:
HappyTownTiger
You are the one who mentioned trying to force them to move forward with the transaction. Not me. Again contingency sales on every level is somewhat like a chain...it's still only as strong as its weakest link.
Contingency sales like the one you entered into from both ends see this kind of thing happen all the time. I'm 1,000% sure your realtor is going to tell you that they've NEVER see something like this happen before, too.
Again...sometimes these situations are unavoidable. But some sellers are so wary they refuse a contingency sale altogether. Why?
Because of the story you're relaying here.
Posted on 12/11/16 at 10:45 pm to dsides
quote:
deposit is typical in this situation. You shouldn't have gotten that far with the property you are buying until you closed on the sale side.
I'm pretty sure it's common to time closings close together. The point is to shoot for a seamless transition
Posted on 12/11/16 at 10:52 pm to GFunk
quote:
You are the one who mentioned trying to force them to move forward with the transaction. Not me.
You implied it was due to them not having the money, which wasn't the case.
If there was a job loss or something that caused their condition to not be met, then no breach. A fight? No, I feel that all parties should follow through at this point.
Nothing on the contract about an argument between signor and cosignor.
Posted on 12/11/16 at 11:00 pm to HappyTownTiger
quote:
HappyTownTiger
quote:
Nothing on the contract about an argument between signor and cosignor.
It's signer and cosigner. But leaving that aside, you realize that the due diligence clause in his purchase agreement could cover anything...a bill a non-borrower spouse didn't tell him about impacts his budget that doesn't even show up on paper. His kid gets transferred into a different school district.
I have heard every excuse in the book, and I also know that realtors, brokers, title companies, insurance agents, and yes-buyers and sellers of homes-make shite up and lie to appease one side or the other and make someone else look bad when incompetence or mistakes happen that prevent a sale.
But keep taking a business decision personally. It's obviously worth it to you to hold onto and stew over. I'm sure this anger will help you somehow down the road.
Live and learn bro. Structure the next one differently if you like. But be prepared to face this crap from both ends on contingency sales.
This post was edited on 12/11/16 at 11:03 pm
Posted on 12/11/16 at 11:18 pm to GFunk
quote:
GFunk
You must've stiffed some people in your day.
Not stewing about a business decision. I plan to take some sort of action. If it doesn't work, so be it. I've since spoken with a couple of RE attorneys and they told me that there is potential recourse. It could take a while but it's there.
If it then becomes the better option to go through with the sale (for them), then it would be considered a good move on my part.
I doubt I would go through a long drawn out lawsuit. I just want everyone to see their part through.
Posted on 12/11/16 at 11:30 pm to HappyTownTiger
quote:OK, that's probably wise.
I doubt I would go through a long drawn out lawsuit.
quote:Obviously not going to happen, move on with your life and drop any more consideration of this hiccup.
I just want everyone to see their part through.
This is why you had a contract. Issue closed.
Posted on 12/11/16 at 11:56 pm to Ric Flair
quote:
Good luck. Ask Ellender's mom for a referral if your brother or Dean can't help.
I skipped over this accidentally! I'll do that Ric.
Posted on 12/12/16 at 12:13 am to HappyTownTiger
what recourse? Whats this home valued at? From the fact you're asking the OT for advice and not a broker, I'll go ahead and surmise its sub $150k. Do you think people with that budget have assets that you could sue and get anything out of? Just chalk it up as a lesson learned, take your earnest money you get from them and forget about it.
Posted on 12/12/16 at 12:46 am to HappyTownTiger
quote:
You implied it was due to them not having the money, which wasn't the case.
If there was a job loss or something that caused their condition to not be met, then no breach. A fight? No, I feel that all parties should follow through at this point.
Nothing on the contract about an argument between signor and cosignor.
One of them may not have the money individually and that is what is causing this, you can try to force this if you like but you are going to be out a bit of cash and still own your house most likely, this can also take quite a while to sort out in court and you WILL NOT be able to sell your house in the meantime.
If it will make you feel more like a man go ahead and waste your time and money and sue them.
Remember you are the one that accepted an offer from an unmarried couple and based your next purchase on this going through, while not your fault you certainly bear some culpability in all this.
Do you think your seller should be suing you for failure to close, because your buyer is certainly not his problem.
shite happens, take the earnest money and lesson learned for your trouble and move on or you most likely are going to regret this.
Posted on 12/12/16 at 6:29 am to HappyTownTiger
quote:
who could guide me in the right direction?
Your Realtor will know what to do to make the sale happen or get you some serious money to make it worth the trouble.
Posted on 12/12/16 at 7:05 am to dabigfella
quote:
150k
251,500, Appraised at 260,000. I'm paying all closing.
Posted on 12/12/16 at 7:06 am to HappyTownTiger
Mother fricker you were trying to pawn it off as u doing the guy a favor and he could quick turn it for 20k
If that's the case than do it and be happy with the increased value, if you are here looking for sympathy though because you accepted the wrong buyer that's not gonna happen
If that's the case than do it and be happy with the increased value, if you are here looking for sympathy though because you accepted the wrong buyer that's not gonna happen
Posted on 12/12/16 at 7:09 am to cave canem
quote:
Remember you are the one that accepted an offer from an unmarried couple and based your next purchase on this going through, while not your fault you certainly bear some culpability in all this.
quote:
Do you think your seller should be suing you for failure to close, because your buyer is certainly not his problem.
My only contingency was the sale of my home. If it doesn't go through, then the contract falls apart.
Their contingency was to obtain financing...they did.
Posted on 12/12/16 at 7:14 am to TennesseeFan25
I'm paying his closing. So he is getting the house for 18k under AV.
Posted on 12/12/16 at 7:46 am to HappyTownTiger
quote:
You must've stiffed some people in your day.
quote:
HappyTownTiger
I've actually done work through my side hustle close to a dozen times since August 12th without accepting payment because folks were in a bind due to the floods around here. You seem incredibly angry because you aren't getting your way and you simply aren't very experienced when it comes to RE transactions when they are structured using contingencies.
Talking to multiple real estate attornies? Possible recourse? Forcing someone who you have <0 idea about whether they can even afford a house note into that note so you are happy? Tossing out ad hominem attacks towards people with experience who are trying to tell you to just remove the corn Cobb out of its current position-buried deeply in your rectum-and move on with your life with your newfound knowledge of just how potentially pitfall laden a path contingency sales can be to take?
I'll bet you are an absolute HOOT at parties, Brother...
This post was edited on 12/12/16 at 7:47 am
Posted on 12/12/16 at 8:06 am to GFunk
I'm the one that's angry?
Posted on 12/12/16 at 8:19 am to HappyTownTiger
You're not saving 6% being your own REA, you're saving 3%... still have to pay the 3% to the Buyer's REA (if they have one).
I'd be talking to an attorney ASAP. Not only is the Buyer for your current home screwing you over, but you're screwing over the Seller of your next home. And sounds as if you have a contract with the Seller for your next home and if you back out of that contract, that Seller is going to be coming after you.
I'd be talking to an attorney ASAP. Not only is the Buyer for your current home screwing you over, but you're screwing over the Seller of your next home. And sounds as if you have a contract with the Seller for your next home and if you back out of that contract, that Seller is going to be coming after you.
Posted on 12/12/16 at 8:21 am to REB BEER
quote:
If only you had a real estate agent that could take care of this for you...oh wait a minute. Everyone on the OT is smarter than real estate agents and don't need them.
They just aren't worth 6%. Well, maybe they are...maybe they are worth more than that...let's use a free market and find out.
Instead of the rampant price fixing that no one does a thing about.
Posted on 12/12/16 at 8:32 am to TechBullDawg
quote:
u're not saving 6% being your own REA, you're saving 3%... still have to pay the 3% to the Buyer's REA (if they have one).
They don't have one either. Both homes were sale by owner.
With Zillow/Trulia, I don't see the need for an agent. I had several agents call me because they felt I priced the house too low and they could do better. Since the appraisal came back, I'm even more certain selling it myself was the way to go.
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