• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

seller backed out

  • Thread starter Thread starter ratbert
  • Start date Start date

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

R

ratbert

Guest
What is the name of your state? I live in Florida.
I contracted to buy a home on just over two acres July 28, 2004. The seller agreed to the terms and a closing date of Sept 7, 2004 and accepted a EMD of $1000.00, which is in the hand of an escrow agent. On July 31, the sellers changed thier mind. They agreed Aug. 2 to return the EMD which I have yet to recieve. I still want the property. I am temporarily living in an expensive, short-term residence. I have been told (heresay) that the sellers intend to put the property on the market again in Dec./Jan. The property was undervalued in my estimation. The contract limits desputes to arbitration. What should I do? If the seller sells the property at a higher price, would that not be lost profits (damages) to me? How long are they allowed to hold my EMD?
 
Last edited:


U

unapathetic

Guest
how would that be lost profits to you if you planned on living there? If they sold it to you for your price they would be losing a profit. There is plenty of property for sale in the world, pester the party holding the money until you get it and move on. Any equity you think you would be getting by demanding they sell to you would be eaten away in court costs and attorney fees, it isn't worth it.
 

HomeGuru

Senior Member
ratbert said:
What is the name of your state? I live in Florida.
I contracted to buy a home on just over two acres July 28, 2004. The seller agreed to the terms and a closing date of Sept 7, 2004 and accepted a EMD of $1000.00, which is in the hand of an escrow agent. On July 31, the sellers changed thier mind. They agreed Aug. 2 to return the EMD which I have yet to recieve. I still want the property. I am temporarily living in an expensive, short-term residence. I have been told (heresay) that the sellers intend to put the property on the market again in Dec./Jan. The property was undervalued in my estimation. The contract limits desputes to arbitration. What should I do? If the seller sells the property at a higher price, would that not be lost profits (damages) to me? How long are they allowed to hold my EMD?


**A; have an attorney review your contract and sue for breach of contract, specifc performance etc.
 

HomeGuru

Senior Member
unapathetic said:
how would that be lost profits to you if you planned on living there? If they sold it to you for your price they would be losing a profit. There is plenty of property for sale in the world, pester the party holding the money until you get it and move on. Any equity you think you would be getting by demanding they sell to you would be eaten away in court costs and attorney fees, it isn't worth it.


**A: what a pathetic response.
 

JETX

Senior Member
And of course, I agree with HG.... on BOTH of his responses. :cool:

I also add the following to the OP:
If you want your money back and to terminate the contract, do so. However, if you really do want the property, talk with a local attorney and have him/her review your contract. It would be very unusual to have a 'mediate clause' on breach and it is a very good chance that you can force them to comply with the contract AND pay your attorney fees. Get with a good local real estate attorney to discuss your options. One huge benefit of a breach claim is that the property is to file a 'lis pendens' on the property. Simply, that bars any further attempts to sell the property until THIS matter is cleared up. That filing in itself will often 'wake up' a seller in breach when they realize they are stuck for a year or more and can't sell.
 
Last edited:
U

unapathetic

Guest
Yes, it was pathetic, but it got him some answers now didn't it? Maybe you should ask him if he removed all Contingencies required by the contract, if any, that give the sellers the right to back out.

If he files a lis pendens without the right to do so, is that not slander of title?
 
R

ratbert

Guest
In Florida
I am the original poster of this thread. I have purchased a simularly priced home that has less potential appreciation, is smaller, and less convenient to my needs. That, I believe, would qualify as "harm". I have a family to house and cannot live in motel rooms forever. The comment that there is plenty of property for sale in the world disregards the fact that most people are not willing or able to live anywhere in the world. Land can be had for as little as $10.00 an acre insome places, but no one in their right mind would live there. In the area I purchased my home, the average time a house is on the market is three days. It is a seller's market. I have always been required to fulfill my obligations entered into by contract, yet a well-connected family has escaped such requirements. They not only stiffed me, they have refused to pay the reator's commission and stuck my agent with $250.00 in attourney's fees. I believe all the partys involved in this matter are entitled to compensation from the sellers.
 

JETX

Senior Member
ratbert said:
I have purchased a simularly priced home that has less potential appreciation, is smaller, and less convenient to my needs. That, I believe, would qualify as "harm".
Problem is... it won't. Simply, you had the choice to purchase that 'less potential, smaller and less convenient' property or not. The fact that you chose to purchase would not be harm.... or damages.


I believe all the partys involved in this matter are entitled to compensation from the sellers.
And, based entirely on your post, I agree. As advised by both HG and myself, contact a local real estate attorney and file a breach of contract suit against the seller. And in the suit, ask the seller to comply with the contract (specific performance) by selling you the property at the agreed contract.
 
you screwed up

You had a case until you agreed to end the contract. Had you not agreed to cancel your contract, the seller would have been in breech (i think :D :p ).

BriantheBanker
 
Last edited by a moderator:

JETX

Senior Member
BriantheBanker said:
You had a case until you agreed to end the contract. Had you not agreed to cancel your contract, the seller would have been in breech (i think :D :p ).

Brian, please remove your 'ad link' from your post. It is in violation of the forum TOS.
 
R

ratbert

Guest
florida

Who said I agreed to end the contract? I was given no choice in the matter.
 

HomeGuru

Senior Member
BriantheBanker said:
You had a case until you agreed to end the contract. Had you not agreed to cancel your contract, the seller would have been in breech (i think :D :p ).

**A: Brian, please do not post "I think" responses. Also, the word is spelled breach of contract. Breech has something to do with a baby or a whale or maybe a rifle.
 
Last edited:
sure!

I prefer to let others correct my spelling. thanks!
btw: I didn't know that this forum required ABSOLUTE statements. I would think a lawyer could appreciate my joking "i think" on a CHAT FORUM.
I used to participate on a major forum that was very good for consumers for years, then slowly was overrun with people arguing and not really focussing on the topics.
If you want to address my posts, email me your concerns so you don't clutter this forum. I am here to help consumers, thanks for your concern!

:confused:
 

JETX

Senior Member
BriantheBanker said:
I would think a lawyer could appreciate my joking "i think" on a CHAT FORUM.
We MIGHT, IF this was a 'chat forum'. Problem is... this is a LEGAL advice forum (compared to a 'gee, maybe it could be', type of chat forum).
As such, we expect you to provide legally accurate ADVICE to posters. And simply, if you can't, then don't. :D

I am here to help consumers, thanks for your concern!
Providing NON-responsive or 'gee, maybe it could be' type responses is NOT helping 'consumers'..... or forum posters either!! :eek:
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
Top