Buyer backed out of contract at the last minute...

[laundryboy]

What is the name of your state (only U.S. law)? Utah. Our home was under contract for six weeks starting the end of May 2017. Buyer represented it as a cash deal with 30 days closing. After all contingencies had expired, Buyer came to us a week before closing and said they actually had a commercial property to sell and would we extend the closing a week or two because they really didn't have the cash. We accepted with the requirement of additional earnest money down. They declined to do so. The Buyers realtor issued their earnest money to us. I am wondering if we can seek specific performance or any other compensation for having our home off the market during the prime season...because they were dishonest in representing this as a cash deal and they had a legal and moral obligation to buy our home. Just wondering what others think of this situation, our realtor suggested we could pursue this. I've spoken to a couple local attorneys trying to educate myself and one felt we could and one didn't. I'm not sure what my damages could be anyways, but it was sure wrong and disappointing of them to represent themselves as they did. Had we known it was contingent on the sale of a commercial property, the contract would have had deadlines with compensation for not meeting them and more earnest money down because of our risk. Any thoughts would be appreciated.

 

[adjusterjack]

The Buyers realtor issued their earnest money to us. I am wondering if we can seek specific performance or any other compensation for having our home off the market during the prime season.

No.

The purpose of you being able to keep the earnest money is that it's "liquidated damages" for the buyer's breach of the contract.

The chances of you getting additional money out of a lawsuit are virtually non-existent. And specific performance is not even an option.

I've spoken to a couple local attorneys trying to educate myself and one felt we could and one didn't.

Trust the attorney who said no. The attorney who said yes will take thousands of your money, try his best, and be unsuccessful in the end and just give you an apology. Then you'll be back here asking what are your rights against him for leading you on.

Re-market your home and forget the first deal. You have already been compensated as much as you're going to get.

 

[HRZ]

REad your deal...it is rather common that the issues of buyer default are limited to deposit .and unless your contract is pretty clear about specific performance beingmrequired, you are unlikely to get it .

BTW! Did you actually get the full deposit ? HOw much ?

MY vote...suck it up and move forward...next time get a bigger deposit .