Sue to sell? California

[karenlee888]

I have a very dear friend who is being pressured to sell their home. They were selling because of a divorce. Since putting the house on the market and got an accepted an offer, they've decided to reconcile and cancel the sale. A cancellation has been sent to the buyers. No appraisal has been done yet, no escrow documents have been signed, no inspection was done, and loan approval has been given by the buyers lender. Now the buyers agent broker sent a letter stating they can be sued and seller has to pay damages. Is that right? It's very early in the transaction. And their agent isn't helping either. He sent my friend a text stating give $2500 to make them go away.

 

[LdiJ]

I have a very dear friend who is being pressured to sell their home. They were selling because of a divorce. Since putting the house on the market and got an accepted an offer, they've decided to reconcile and cancel the sale. A cancellation has been sent to the buyers. No appraisal has been done yet, no escrow documents have been signed, no inspection was done, and loan approval has been given by the buyers lender. Now the buyers agent broker sent a letter stating they can be sued and seller has to pay damages. Is that right? It's very early in the transaction. And their agent isn't helping either. He sent my friend a text stating give $2500 to make them go away.

Does your friend believe that the buyers actually have 2500.00 in damages? Did this letter come through a realtor or lawyer or did it come straight from the buyers. How did an offer get made and accepted without an escrow payment being made? How did a loan get approved without an inspection and appraisal?

 

[adjusterjack]

I have a very dear friend who is being pressured to sell their home. They were selling because of a divorce. Since putting the house on the market and got an accepted an offer, they've decided to reconcile and cancel the sale. A cancellation has been sent to the buyers. No appraisal has been done yet, no escrow documents have been signed, no inspection was done, and loan approval has been given by the buyers lender. Now the buyers agent broker sent a letter stating they can be sued and seller has to pay damages. Is that right?

Yes.

It's very early in the transaction.

Nope, it's way late in the transaction. It was too late to back out the minute your friend signed the acceptance of the offer.

And their agent isn't helping either. He sent my friend a text stating give $2500 to make them go away.

If you mean your friend's agent, no surprise there. Your friends breached the contract and stiffed their agent out of a healthy commission. If fact, based on the listing contract, your friends might owe their agent the commission in addition to owing the buyer money.

How much money your friends give the buyer to go away depends on their negotiation skill or they can just refuse and see what happens.

Just tell them not to expect any help from their own agent.

 

[LdiJ]

Yes.



Nope, it's way late in the transaction. It was too late to back out the minute your friend signed the acceptance of the offer.



If you mean your friend's agent, no surprise there. Your friends breached the contract and stiffed their agent out of a healthy commission. If fact, based on the listing contract, your friends might owe their agent the commission in addition to owing the buyer money.

How much money your friends give the buyer to go away depends on their negotiation skill or they can just refuse and see what happens.

Just tell them not to expect any help from their own agent.

I do not disagree with much of what you are saying but according to the OP no escrow/earnest money payment has even been made...let alone an appraisal, an inspection or any of the other elements of a transaction that would cause the buyers to be "damaged".

 

[CourtClerk]

I do not disagree with much of what you are saying but according to the OP no escrow/earnest money payment has even been made...let alone an appraisal, an inspection or any of the other elements of a transaction that would cause the buyers to be "damaged".

I don't see anything that says no earnest money hasn't been made...

 

[karenlee888]

Sue to sell

Yes an earnest money deposit for $5k has been made. The letter came from the buyers agent broker. The $2500 offer came from their agent. It didn't say who would get the $2500. No appraisal has been done. No inspection has been done. The only thing signed by all parties is the acceptance of offer.

 

[justalayman]

I do not disagree with much of what you are saying but according to the OP no escrow/earnest money payment has even been made...let alone an appraisal, an inspection or any of the other elements of a transaction that would cause the buyers to be "damaged".

Buyer could sue for specific performance if they really want the home.

Seller is almost assuredly on the hook to their own broker for their commission. The salesmans job is to bring anready, willing, and able buyer to the table and they have done that; commission earned.