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Author: VTAlumni Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127815  
Subject: Re: Selling: more of a rant than anything Date: 3/12/2013 4:45 PM
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Update: Buyer and inspector did not show up this morning as planned. Not a surprise. Just had a conference call with the Realtor and his lawyer to discuss options.

First plan of action is to have our Realtor contact theirs and ask why they didn't show up for the inspection, indicating that they only have 3 more days before that contingency passes. He'll also point out that he got some e-mails and photos indicating what appeared to be intent to back out but that his sellers (us) never received formal documentation as outlined by the contract. That we are still in the dark, because we have a contract and if seller wishes to default we'd like to know asap so we can get it back onto the market. We'll have lawyer send a notice to seller mentioning that if he chooses to breach contract that we intend to go after the $7,000 Earnest money, but that our intent is still to sell the home to him.

We're guessing that buyer will either continue on with purchase of home, or will make it obvious that he doesn't want to move forward. At that point assuming he has valid reason to sue his own Realtor for the mistake. Lawyer thinks that the buyers Realtor will then try to settle things by offering us payment (something in the $2-5K range) to avoid litigation. That would be the least messy route and we'd be back on the market this weekend.

Alternate route would be if buyer doesn't want to move forward with our contract and wants to fight to keep the $7,000... then we will send notice that his insistence on taking this to court could end up costing him more than $7,000 and that we wish to move forward selling to someone else. Later we will sue him for whatever less we receive compared to his offer (if we end up selling for $15K under our asking, the difference would be on him). At that point we'll point out to him that it is in his best interest to let us move forward with trying to sell our home to someone else, if we get asking price again we may let him go on the 7K Earnest. Ball seems to be in our court.

I asked what happens if a Judge deems that seller shouldn't be out the $7,000 for a mistake his Realtor made on his behalf. Answer was that we could then use VA laws to go after Realtor for the damages inflicted on the difference in our sales price vs what the contract stated.

I know what you mean about not wanting this to drag things out. Our settlement date on this contact is April 15th, so I imagine it can't go beyond that without us being able to sell to someone else. I'm not a lawyer though.

What ever happened to the days when a contract was a contract. It's almost as if people think this is a game they can play. Like this guy was never really serious about the house but just liked the thrill of putting an offer on it to waste our time? Not that this should matter, but both cases we were dealing with what appear to be first generation immigrants that come from cultures where bartering seems to be more typical. I guessing either fully understands the ramifications of these legal contracts they signed themselves into.

Will update as more info comes.
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