Home Buying in 10306>Question Details

Brenda Tanne…, Home Buyer in New York, NY

Can a buyer back out of a home purchase contract and be sued for specific performance?

Asked by Brenda Tannenbaum, New York, NY Mon Jan 7, 2013

The buyer lied about losing his job because the home was affected by Sandy.

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7
Your attorney can better answer the question, consider a consultation...
2 votes Thank Flag Link Tue Jan 8, 2013
Brenda,

After Sandy, homes in contract were supposed to be re-inspected to remove any doubts about post Sandy condition.

Can you prove the seller lost their job? What does your attorney say about all of this?

Call Darren Sheehan, Esq. for a consultation. 631-659-3377 darren@darrenesheehanlaw.com. He will provide you with the information you need.

gail@GladstoneGroupRealty.com
631-425-6150
0 votes Thank Flag Link Tue Jan 8, 2013
If the home was affected by Sandy then the truth is the buyer had ample reason to terminate the contract as the home was not in the same shape as when it went under contract. All sellers should bear in mind that nobody can force anybody to buy a home they don't want. While you as the Seller may have a case to retain their earnest money deposit I'd be very certain before going to court over it as if you lose you're going to be liable for the buyers legal expenses and possibly more. My advice is to consult with a real estate attorney or call the New York Real Estate commission and and ask them. Otherwise; move on
0 votes Thank Flag Link Tue Jan 8, 2013
Some very.good.answers.have been provibed.

If the buyer lost their job most likly they will no longer qualify for.a loan.

Many states now limit the sellers losses to the Earnest money deposit the potential buyer put up in the first.place
my plus.any sdditiinal.funds the seller spent on fixing the items requested in tge inspection report.

However,.collecting any more than the EMD is not likely.

Best of luck
0 votes Thank Flag Link Tue Jan 8, 2013
A judge isn't going to force you to buy the property.

What's more likely is that the Seller will sue for damages, and they may have a case.
0 votes Thank Flag Link Mon Jan 7, 2013
In this country, anybody can be sued by anybody at anytime. If you're considering suing, then you should discuss your case with an attorney to see if it's worth the effort. Having professional legal help to go over your purchase contract is the only way to properly evaluate your situation.

My non-legal opinion: It's probably not worth the trouble. You may find it easier to get another buyer at a higher price.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Mon Jan 7, 2013
Brenda, someone would really need a little more information than that to make an informed answer to your question. I'm a bit confused about when and why the buyer lied about losing his job and whose home was affected by Sandy. I am not a lawyer and I do not have very much information, but I will say that if the buyer had an accepted offer and it had already been signed by the seller, then usually the only reasons the buyer could pull out of a contract would be if the contractual agreement entered into with the seller included the exact reason that he pulled out of it, otherwise, the buyer would be liable for breach of contract and, thus, open to be sued for the damages the seller incurred from the buyer pulling out.

A preponderance of real estate contracts have provisions where the buyer can break the contract if the inspection comes back with major problems, or because they can't sell their existing home, there can be any number of reasons, but in general, the contingency for the breaking of the contract on either side, buyer or seller, should be written into the purchase agreement at the time the buyer is making the offer prior to the seller accepting the offer.

Any offer is only valid and accepted at the time it is actually signed, and not before it is signed. So verbal agreements are not enforceable in a court of law.
0 votes Thank Flag Link Mon Jan 7, 2013
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