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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
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In Breach Of Contract - WWYD?
So as of today my buyer has officially breached contract. After being non responsive to the time is of the essence letter, her lawyer showed up at my lawyer's office hoping that he wouldn't really be ready for a closing. Well, we were, just so there wouldn't be a single cause why the buyer could say we aren't entitled to her down payment. We were told a month ago that she intends on fighting for it even though she has absolutely no cause. So here's my dilemma....the DP is 20k. My lawyer is happy to fight it for me, but says that if it goes to court I'm looking at walking away with 15k after fees, etc. He could also attempt to settle - the seller is offering 10k - and my lawyer is suggesting I try to settle at 15 because at the end of the day, it's the same money. On one hand, I want to put this all behind me and if I could get 15k now, then great. On the other hand, I don't mind the idea of knowing that this woman is going to end up incurring legal charges on top of losing her 20k by fighting me on this. So what would you do?
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Posted 5/16/11 7:35 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: In Breach Of Contract - WWYD?
settle & walk, that's what I'd do..
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| Posted 5/16/11 7:39 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: In Breach Of Contract - WWYD?
Posted by LadyBugN2Buggies
settle & walk, that's what I'd do..
yup
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| Posted 5/16/11 7:57 PM |
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FelAndJon
needs to update her avatar pic
Member since 6/05 10212 total posts
Name:
Felice (aka LuckyBride2004)
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Re: In Breach Of Contract - WWYD?
Posted by LadyBugN2Buggies
settle & walk, that's what I'd do..
I agree. If you go to court, it might hold up the potential sale to another buyer. Good luck! 
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| Posted 5/16/11 8:06 PM |
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jmf423
:)
Member since 5/05 6372 total posts
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Re: In Breach Of Contract - WWYD?
settle and walk.
be done with it so you can move on.
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| Posted 5/16/11 8:11 PM |
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MrsBurtch525
Year for change!
Member since 1/09 6017 total posts
Name:
Taryn
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Re: In Breach Of Contract - WWYD?
If it were me i would settle at 15 like the lawyer suggested but that is just me.
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| Posted 5/17/11 4:10 PM |
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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
Name:
Ring in the new!
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Re: In Breach Of Contract - WWYD?
Posted by FelAndJon
Posted by LadyBugN2Buggies
settle & walk, that's what I'd do..
I agree. If you go to court, it might hold up the potential sale to another buyer. Good luck!
I agree...its not worth the headache
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| Posted 5/17/11 4:38 PM |
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hmm8191
My loves
Member since 3/06 2908 total posts
Name:
Heather
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Re: In Breach Of Contract - WWYD?
I'm a spiteful b*tch when it comes to stuff like this so I'd want to go to court but DH would surely talk me into settling for 15K. It's probably best for your blood pressure as well.
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| Posted 5/17/11 4:42 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: In Breach Of Contract - WWYD?
settle for 18k and start by asking for the entire 20. Tell them 18 avoid court fees. I would not want to hold up the sale to another buyer. I would not settle for 10.
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| Posted 5/17/11 4:54 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: In Breach Of Contract - WWYD?
Posted by LSP2005
settle for 18k and start by asking for the entire 20. Tell them 18 avoid court fees. I would not want to hold up the sale to another buyer. I would not settle for 10.
Oh yes, we're starting at 20! That's what we're entitled to per our contract but the buyer's lawyer advised they will fight for that. I do like the idea of suggesting 18 when they go argue that though...
I would love to be a fly on the wall though - as a buyer, if you breach contract without explanation why waste time fighting? you've signed a legal document saying that if you do X then you give Y.
Message edited 5/17/2011 5:15:05 PM.
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| Posted 5/17/11 5:12 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: In Breach Of Contract - WWYD?
She wants to scare you to try to make you give back the money. I will say on some level I think the buyer was poorly advised by her realtor/attorney. Was it that they decided that they did not want the home or could they not get a mortgage? If they could not get a mortgage was there any language in the contract voiding it? The reason I would want to settle is to be able to sell the home faster to the next person.
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| Posted 5/17/11 5:34 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: In Breach Of Contract - WWYD?
Posted by LSP2005
settle for 18k and start by asking for the entire 20. Tell them 18 avoid court fees. I would not want to hold up the sale to another buyer. I would not settle for 10.
ITA
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| Posted 5/17/11 6:38 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: In Breach Of Contract - WWYD?
Posted by LSP2005
She wants to scare you to try to make you give back the money. I will say on some level I think the buyer was poorly advised by her realtor/attorney. Was it that they decided that they did not want the home or could they not get a mortgage? If they could not get a mortgage was there any language in the contract voiding it? The reason I would want to settle is to be able to sell the home faster to the next person.
she was all cash. contract stated that the only way she could get her DP back is if title didn't clear, but it did. she went from requesting we close early to not at all! And with no explanation. my lawyer says that her lawyer's actions are not very ethical if he is advising her to argue this.
Message edited 5/17/2011 10:50:03 PM.
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| Posted 5/17/11 10:49 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: In Breach Of Contract - WWYD?
I agree with your attorney. Something seems fishy. I am sorry that you are going through this.
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| Posted 5/17/11 11:17 PM |
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pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: In Breach Of Contract - WWYD?
Posted by RandJ0806
On the other hand, I don't mind the idea of knowing that this woman is going to end up incurring legal charges on top of losing her 20k by fighting me on this. So what would you do?
This sounds vindictive and honestly, would probably cost you more grief and headaches than you need. I'm not saying that what the buyer did wasn't horrible, just that if you can get at least 15K back by settling, you should do it, just to avoid this dragging on. I like the idea of 18, even 15 would help but anything less you should go to court. If anything, the buyer should pay your legal fees, it's not as if you did anything wrong. I hope you can settle this quickly, sorry you had to go through this.
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| Posted 5/18/11 10:24 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: In Breach Of Contract - WWYD?
Posted by pnbplus1
Posted by RandJ0806
On the other hand, I don't mind the idea of knowing that this woman is going to end up incurring legal charges on top of losing her 20k by fighting me on this. So what would you do?
This sounds vindictive and honestly, would probably cost you more grief and headaches than you need. I'm not saying that what the buyer did wasn't horrible, just that if you can get at least 15K back by settling, you should do it, just to avoid this dragging on. I like the idea of 18, even 15 would help but anything less you should go to court. If anything, the buyer should pay your legal fees, it's not as if you did anything wrong. I hope you can settle this quickly, sorry you had to go through this.
I'm leaning towards settling - DH is dead set on fighting now. I don't want to be thinking about this day in and day out. Obviously we are first trying for 20 (though my lawyer is confident they will respond to the '5 days or we release your DP' letter), then I will go to 18, then to 15 and if she doesn't go for that, then to court it goes. Unfortunately there is some law within NYS that states I am responsible for my own legal fees. It's not worth fighting for that.
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| Posted 5/18/11 1:07 PM |
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