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Is a real estate contract ! TRUELY BINDING

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Ronnie Suttles

Junior Member
Buyer changed their mind on day of closing

Dayton,Tn.
I entered a contract to sell my house 45 days ago.I sat at a table with the buyers and buyers agent.I told the buyers they would have to get a bridge loan to buy my house till they sold theirs.I had to have my money! They agreed on price,bridge loan, closing date and etc.I have asked for a letter of approval 4 times from the real estate agents,"buyer and seller agents same office".I have never got a letter of approval.They went to one bank and filled out most of the paper work,but did not return with the other documents to complete the loan. So 15 days before closing i told the real estate i was not going to move until the day of closing and we would pay the buyers 3 days of house payments.But no amendment was made.The reply from buyers,We will just have to move the closing date up if you can't be moved! I said no i am not changing the closing date. I have spent about 20000.00 dollars to make the house like they wanted! and to complete the one i was moveing into. (completing my part of the contract)!The closing date was 3-30-2005 on that same day the realtor called and said the buyer said they could not afford my house!!!!! I requested a meeting with all parties and the buyer said it would not do any good. I have a well written contract that states the default on buyer and seller obglations. I talked to a 40 year real estate contract lawyer, his reply I HAVE NEVER IN A 100 CASES SEEN THEM DO ANYTHING TO A BUYER FOR THIS! So do i have any recourse? Is this a good case for a lawyer? Do i need to keep looking for a lawyer to sue them?
 
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BradleyS

Member
I would ask the lawyer if he ever heard of "breach of contract?"

Was there an amendment for the "closing + 3 days" for possession?

Additionally, if the REALTOR did not give you the requested information within a reasonable time, the REALTORS as well as the Brokerage could be partially liable for damages.

In the contract, what was the REALTOR's "agency" that was disclosed?

Did you ever receive a pre-approval or mortgage committment from the buyer's?
 
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BradleyS

Member
Answer the questions....

This will give the "Legal Eagle's" a little more infomation about the transaction details and the representation of the RE Agents/REALTORS?

My opinion for what it's worth.....

It's very costly to force a person to sell or buy real estate property. Try doing a web search, "Tennessee Specific Perfomance Verdicts."

Google pulled up 23,100 results.....
 

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