Is this a CO-OP in Laguna Woods? Discount the sales price, sell it, be done with it, ASAP. If you fix it, the buyer will never be satisfied. Was it a good way to approach the situation? NO. Is it going to get resolved without being corrected or discounted? NO.
Discount it, and you will pay slightly smaller costs to close.
Be done with it and move on.
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. IN MY OPINION, there is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
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There is a section in the contract that says that if the buyer defaults then the seller gets to keep the security deposit. If both buyer and seller initialed there then you the seller should get to keep the deposit. If only one or neither of you signed there then you do not get to keep the deposit. Your agent should have explained that to you while you were going through the contract.... more
Get clarification of your loan docs from the lender who is holding your loan.... or show your loan documents to a real estate attorney to give you legal advice.
As we do not see the loan docs and know your intentions it is hard to give any further advice!
Your lender and/or your Real Estate Attorney are your best sources and depending on what you do
thereafter you may also want to consult a tax accountant....
Good Luck! I hope that some of our advice will help you to get the answers you need to proceed with your plans.
Edith Your Chicago Connection and YourRealtor4Life!
Working always in the very BEST interest of her Clients...... more
Do you realize that if you want to hold her deposit because of the timing of notice that you could tie you house up in court. Let's say the bank didn't give her an answer till late Friday and she spent the weekend trying to come up with the money. Sunday she realizes she can't get the house and sends notice.
Wow! you want her money! Your agent should of been doing a better job of keeping on top of what is going on.