Home Buying in 60441>Question Details

Andy, Home Buyer in Illinois

We made an offer on a house for sale in Illinois at the end of Nov. 2008, (and cut a check for 5K) escrow,

Asked by Andy, Illinois Thu Feb 26, 2009

closing was to be by end of Dec. 31 2008. Seller re-scheduled several times due to an Association Lean placed on the property. Seller tried to clear lean himself, and after several unsuccessful attempts finally hired an attorney to get the job done. Attorney cleared the title, closing was scheduled once more for last week. On the day of closing, sellers agent called and said the closing was off due to his bank adding more $ the seller would have to pay them at closing. The seller is in breach of contract... He is now trying to come to an agreement with his bank...It has now been 3 months since our initial offer.

What are our best legal options? Is it worth suing the seller?

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Answers

5
What does your attorney say? Ask for the earnest money to be returned and find another home. Was this a short sale? Who is holding the earnest money? You can take him to small claims court.
0 votes Thank Flag Link Wed Mar 4, 2009
I am guessing this was a for sale by owner. You are going to have to take him to court to get your $5000.00 back if you have not. You can sue for damages but what are you going to win, he is losing his house. I am in your area so please contract me so you can speak to a lawyer for I do not give legal advice that is what an attorney is for and trust me you need one. Please keep in mind to work with a realtor the next time. Even on a for sale by owner home, we can gain compensation so it still come off the sellers side of the transaction, even in a short sale. And with a for sale by owner I would have had my office hold escrow. This is a tough market and I can understand why a seller would think it is smart to go with out a broker so that they save money. The issue is they normally don't save money. It normally costs them more! However, a buyer has no benfit that I see going it alone. Really speak to a Realtor, even if you think I am crazy, and don't want to speak to me, speak to someone....Also there may be a way to still save the deal completely.
0 votes Thank Flag Link Fri Feb 27, 2009
Andy,

You have to ask an attorney to veify this, but I've always been told that you can ONLY sue for actual financial damages that you have incurred as a result of them breaching the contract. So if you've had to stay in a hotel for three months because of this, you could figure out the costs of that that are above and beyond what you would have been paying for your mortgage and sue for that amount. It doesn't add up to much so most people usually don't waste there time and money in a costly law suite. Your best option if this tuns out to be the case would be to get your earnest money back and move on to another home. Unless you're that attached to this home that it's worth it to you to wait it out. I'm sorry for your hardship in this matter and do hope that you are able to get it resolved.

Tim Ireland
RE/MAX All Properties
(815) 485-5500
tim@timireland.com
Web Reference: http://www.TimIreland.com
0 votes Thank Flag Link Thu Feb 26, 2009
Andy,

Although you in an unfortunate situation the buyers have no control over what the bank is doing, as it happens in cases like this. A lawsuit against the buyers may not give you any satisfaction either. I certainly would talk with your attorney about it, but doubt that he/she would advise you to do anything but be patient for matters to get worked out or find another home. Just my two cents.

Gina Schaal,
Broker Associate
Century 21 Pro-Team
Web Reference: http://www.ginashome.com
0 votes Thank Flag Link Thu Feb 26, 2009
Your only option is getting an attorney involved. You're risking a lot if you try to go on your own at this point. Attorneys do cost money, but are well worth it in this situation.
0 votes Thank Flag Link Thu Feb 26, 2009
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