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real estate question

  • Thread starter Thread starter belgiumcdn
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belgiumcdn

Had a rental property for sale
A family had agreed to buy the property sign all waiver inculding finacing. On the day the deal was to close and I was to get my money the refused to close the deal.
I had already purchased another property based on this deal closing.
Do i have any recourse on the family that agreed to purchase my property???
 
Yes, you keep the down payment and then when you re-sell the property...if you sell it for less they are liable for the difference.
At least that is how it goes on most offers I'm familiar with.
Your lawyer should know all this.
 
Talk to your lawyer.........if the purchaser waived all conditions they are legally responsible to close that property.

You can go after them for damages happens everyday.
 
freakshow said:
Talk to your lawyer.........if the purchaser waived all conditions they are legally responsible to close that property.

You can go after them for damages happens everyday.
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What freakshow said.
 
Well let me tell you something it may happen every day but getting the damages is very difficult. This happened in 1998 and we have been legally trying to get them to pay
They have gone threw 5 laywers
I quess i was looking to see if there where any other means to end this other than inriching the lawyers.
 
well what does your lawyer?

He should be in contact were their closing lawyer?

Did they just decide they no longer wanted it?

Found something cheaper?

Finacing never went threw?

There is alot of reasons so have your lawyer call them and see if there is something they can work out, beacuse in the end it is gonna cost you more money than anything?
 
This is why you ask for a fair size deposit so they dont walk away to easily......

i have see people sell a 450 thousand dollar home with a 5000 dollar downpayment.........this is crazy if he decided not too close he loses 5000 and walks away.........big deal
 
larger deposit.

good job freakshow. that's what most people should do.


You also have a lot of lawyers that are willing to take this to the next level and get nasty, and maybe have the legals paid for by the purchaser.

Most times when you deal with lawyer's, it's a matter of who knows more, and most likely in this situation, you can get out of this waaay ahead, but are you up for the aggravation?



cheers.
 
When the deal fell apart you would have been, in a way, obligated to move on asap and sell the property to someone else, to limit your losses. If you used a lawyer and agent, the purchaser's deposit would be held in trust until there was a settlement with the original purchasers or a judgment. The deposit does not automatically go to the seller.

You can try to sue for loses, if there were any, but as you are finding out, it is easy to say, not so easy to do. If it was the purchaser that walked, mostly people settle when the deal falls apart and some or all of the deposit is given to the seller.

You should be able to collect money for real losses from the purchaser. Bigger deposits make it easier to negotiate as you are not trying to extract more money from the purchaser, but offering a settlement with money that is already in a way spent by the purchaser.
 
freakshow said:

i have see people sell a 450 thousand dollar home with a 5000 dollar downpayment.........this is crazy if he decided not too close he loses 5000 and walks away.........big deal
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How is that possible?? I thought you needed 5% minimum down?? Is there a way to purchase with less than 5% down??Or Zero??
 
wantoplay said:
How is that possible?? I thought you needed 5% minimum down??
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The deposit can be any amount. If the closing was fast, and would not put the seller out much if the deal did not close, like if the property was vacant, then a $5,000 deposit would not be too bad on a $450,000 home. Different areas have different standards for deposits.

The 5% down is required by financing insurance to quality for the mortgage, ie you can get 95% financing. Although you can get other insurance that will accept a lower commitments.
 
wantoplay said:
How is that possible?? I thought you needed 5% minimum down?? Is there a way to purchase with less than 5% down??Or Zero??
Click to expand...

As I understand it, it's a deposit of good faith to the buyer. There will be an actual downpayment to the bank when the deal closes.
 
spacyfoil said:
Realtors suck? Is that like bbbj?

Just wondering, I know a few good lookin girls in Real estate :D
Click to expand...


Guess it depends on how desperate they are to get you to close the deal..... lol
 
yes you do uless there was some issue that permitted them not to close like a problem with title etc.. speak to your lawyer.
 
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