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Evseller1, Home Seller in Evanston, IL

Is there any recourse for an unethical buyer in real estate. We had a buyer outbid a competitor to win a negotiation and then try and renegotiate

Asked by Evseller1, Evanston, IL Wed Jun 9, 2010

during attorney review. He cancelled the contract when we proposed a compromise to his demands. He offered no other explanation. We lost a qualified buyer and a $12,000 time-based incentive as a result. Any recourse?

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4
Hi Evseller! So sorry to hear about your situation! I have heard about and experienced an attorney messing up a whole deal. The buyers can back out of the deal for any reason other than price so if you had a signed contract you may have some recourse. Did you have an attorney and a Realtor representing you on this? Once you have a contract (signed by both parties) they can't come back to you and try to renegotiate the price. You've already agreed in writing on the price. Legally you could ask for a written explanation and possibly take them to court for your losses. Need help? I live in Evanston too...so give me a call anytime, 847-707-1590 I'd be happy to help.... stay in touch,
Aislinn Ryan
American Realty Network Inc.
0 votes Thank Flag Link Fri Oct 29, 2010
I'm sure there's more to this story that we're not getting...so sometimes it difficult to answer a question like this. The attorney review section of the contract specifically states that anything can be renegotiated in attorney review with the exception of price. Technically, they aren't even supposed to renegotiate price because of inspection...but that's a grayer area. If these "renegotiations" were because of the inspection, then it may be an anything-goes type situation. And, unfortunately, in this buyer's market, the buyer's hold an awful lot of power.

Consult with your attorney on recourse, but it's not likely you'll have any.
Web Reference: http://www.footeteam.com
0 votes Thank Flag Link Wed Jun 9, 2010
Evseller1,

Unfortunately, anything can happen during the attorney review & home inspection period. If you're working with a sellers agent have him/her contact the previous prospect buyer, the one that lost the bid. He/she may still be interested.

Talk to your attorney regarding recourse, but it seems that the buyer wanted it his way or no way. I'm assuming there may have been some "damages" that arose from the home inspection that he didn't want to take on (?).

Hope this helps.
0 votes Thank Flag Link Wed Jun 9, 2010
Your attorney would best answer this question, but it appears that because your were still in the atty review period, you were both within your rights to negotiate.
0 votes Thank Flag Link Wed Jun 9, 2010
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