Broken Purchase Contract


#21

One of the cons of not using a Realtor.

I am on the opinion that you need to just walk away. Time is the essence, so, you may get a better buyer soon. By the way, you should keep a “second offer” in hand just in case the principal fails to achieve their goal.

" In addition to the obvious expense of these disputes, all of these legal steps create significant stress and take up huge blocks of time on the part of the principals, as well as on the part of the brokers and agents who represented those parties"

Enough?


#22

I read something about RE disputes on Deleon brochure. It was kind of interesting. And I believe in much of what was stated.

Brochure claimed that real estate companies’ lawyers are there to protect the agency, but not to act in best interest of their customers when conflicts arise. They will persuade buyer/seller to move on, as that is the quickest and easiest to avoids potential issues for the RE firm; regardless of the actual events.

I have no idea who is right or wrong in this situation and how easy it will be to recover your “loss”. I suspect best method is to talk to professional (ie RE attorney). Talking to one doesn’t mean you will sue. It might take 15 minutes to learn that there is nothing you can recover here. Or that it will be very easy to recover your 3 days of lost time.


#23

And lawyers are for free…right? :wink:


#24

I think i might know your buyer, hah. There was an internal thread at my employers internal group.

The thing is, consensus was, without emd the contract ia not binding.


#25

It is stupid for a seller in a rising market to go after a reluctant buyer. I have seen sellers walk too. Same thing move on…