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Potential Recourse against Seller?
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Potential Recourse against Seller?
I am not sure what our recourse is if the seller chooses not to close on the deal. We have gone to contract, been approved for the mortgage and were supposed to close today. The sellers cancelled the closing at 3pm yesterday and have yet to reschedule. Supposedly, they are short funds since they sold for less than they paid. I am not sure what our recourse as a buyer would be should they default on the deal, other than the obvious of getting our deposit back? 
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Posted 7/18/07 4:19 PM  |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Potential Recourse against Seller?
Check your contract.
Our lawyer wrote in ours a small payment due to us (on top of our down payment refund), if they cancelled the deal like you are stating.
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| Posted 7/18/07 4:22 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Potential Recourse against Seller?
Posted by chikita315
Check your contract.
Our lawyer wrote in ours a small payment due to us (on top of our down payment refund), if they cancelled the deal like you are stating.
ITA - also get reimbursed for any expenses (lawyer, inspection, etc)
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| Posted 7/18/07 4:28 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Potential Recourse against Seller?
Definitely look at your contract you may be able to get back title fees or any other fees you would have to pay if they backed out of the deal. You of course would get back your downpayment.
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| Posted 7/18/07 7:19 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Potential Recourse against Seller?
Posted by Meaghan729
Posted by chikita315
Check your contract.
Our lawyer wrote in ours a small payment due to us (on top of our down payment refund), if they cancelled the deal like you are stating.
ITA - also get reimbursed for any expenses (lawyer, inspection, etc)
I agree as well. Call your lawyer to go over your contract!
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| Posted 7/18/07 8:09 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Potential Recourse against Seller?
Thanks ladies! My lawyer was out today because of the weather her office didn't have any phone service so I really couldn't get in touch with her. I have to review the contract. I just don't understand why they would go thru the whole process and not close the deal. They moved to Florida and aren't living in the house. I hope our contract allows for us to recoup our costs. The whole thing is so frustrating since I already packed my enitre house and don't want to have to unpack, especially because I am 6 months pg! 
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| Posted 7/18/07 8:53 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Potential Recourse against Seller?
I hope it all works out for you. It seems that they have to sell the house since they are already in FL. Good luck
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| Posted 7/18/07 10:02 PM |
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