Home Buying in 11201>Question Details

Juju, Home Buyer in 11204

Can the buyer sue the seller and have any time limit to sue the seller?

Asked by Juju, 11204 Fri Jun 29, 2012

How if the seller refuse to closing the house after both buyer and seller have signed the contract and the seller has get the approval from the bank

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I’m an agent working for ReMax NYC Midtown and I’m always doing my research on property and stay in touch with the best professionals. If you simply need advice please email me at KDrake@remaxnyc.com. I'm experienced with closing deals with rentals in the 11201 zip code. I’ve provided links below regarding any concern you may have.

Finance Advice:
http://www.fpanet.org/LifeGoals/BuyingaHome/

Bank Expertise:
David.Axelrod@bankofAmerica.com

Legal Advice:
http://www.lawhelpmn.org/issues/housing/buying-and-owning-a-…

Advice for Buyers:
http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

Advice for Sellers:
http://www.realestateabc.com/homeselling/

Tax Concerns:
http://www.tax.ny.gov/pit/property/

Stats:
http://www.citi-habitats.com/‎
0 votes Thank Flag Link Thu Nov 7, 2013
So, you're talking about a short sale where the seller likely doesn't have very much money . . . what are you going to sue them for?
0 votes Thank Flag Link Sat Jun 30, 2012
Dear Juju:

In America anyone can sue anyone, the more important question becomes can you actually win the case? To answer that you need to speak to an attorney.

If the sale was contingent on third party approval such as a bank in the case of a short sale, there should have been such a contingency clause in the contract which would cause the contract to become null and void if the deal was not approved by the third party. Usually there would be a certain time frame mentioned whereby if the deal was not approved by the third party the buyer would have the right to cancel the deal and get back their down payment. If the deal is not approved by the third party, the buyer would get back their down payment check and the deal would cease to exist. If there was not a third party approval contingency clause in the contract then the seller could be in breach of contract if he could not close for that reason.

The bottom line is that you need to discuss this with your attorney, find out what was written in the contract and what your rights are. If I can be of further assistance, contact me. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat Jun 30, 2012
Larry makes an interesting point on the short sale....I re-read your question several times and it's hard to ascertain what type of transaction you entered into. If it's a short sale, then please refer to Larry's comments. For most other transactions, in terms of the contract, you can walk away if the seller refuses to sale or sue for specific performance. Sometimes the best bet is to get your earnest money back and walk away. If that's the case, then you may be ale to negotiate for reimbursement of inspection fees since the seller is the one in default.

That being said, to sue for specific performance, ou are basically suing to make the contract end as stipulated and for all parties to complete all requirements. If you do this, you really cannot search for any other homes because if you win, you will ultimately own the ome under contract. If you lose, you would have incurred a tremendous expense and tied your hands from negotiating other home deals for 6-12 months or more.

Sometimes, even if you are right, it's best to cut your losses and walk away. Obviously we don't know the totality of the situation, but these are some points to consider. If you still want to move forward, only an attorney can give you solid legal advice specific to your situation. Good luck!
0 votes Thank Flag Link Sat Jun 30, 2012
Technically you can sue whomever you want, whether you will win or not is the issue. You really need to check with your attorney, as to what your options are. Best wishes!
0 votes Thank Flag Link Sat Jun 30, 2012
You can sue anyone you want, but it will cost you money and if your suit is frivolous you'll pay for the all the legal costs including those of the Seller.

It sounds to me that you've bought a short sale and had no idea what you were getting involved in. In a short sale the sellers signature means absolutely nothing as the sale must be approved by the lender and this can easily take between 3-6 months. Here's what else all potential buyers of short sale properties should know: More often than not the answer when you get it will be no because the Seller won't be approved for the sale by their lender. Most often these properties ultimately are foreclosed on and then sold.

You seem to lack real estate experience, which in itself is not a problem as long as you are working with an experienced buyer broker. If you're not then your lack of experience is going to create all sorts of potential problems for you. Do yourself a favor, find yourself a good buyer broker who can assist you, it won't cost you anything , and will likely save you a lot of money and problems. Iv'e attached a link below to one of my most popular blog postings here on Trulia on how to find a great broker wherever you live.
0 votes Thank Flag Link Sat Jun 30, 2012
One of the great things about America is that everyone is entitled to their day in court.

That's the good news. The bad news is that going to court can end up being worse than the original problem.

So yes, if you can find an attorney who will take your case, you can sue about pretty much anything.

But a better idea is for the attorneys for the buyer and seller to get together and work out whatever the problem is. You need to ask your attorney. You might need to find another attorney if your attorney is not a specialist in real estate. Best of luck to you!

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
kharby@crrnyc.com
212-688-1000x146
0 votes Thank Flag Link Sat Jun 30, 2012
This question can best be answered by your attorney, therefore consider a consultation.
0 votes Thank Flag Link Fri Jun 29, 2012
If the seller had knowledge a latent defect in the property and didn't disclose it... Sure.

Luke Constantino
Commercial | Residential
REMAX PARK SLOPE
Direct: (212) 300-3919
0 votes Thank Flag Link Fri Jun 29, 2012
That would be a question for the buyer's attorney.

Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Fri Jun 29, 2012
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