Home Buying in Orchard Park>Question Details

Carriern, Home Buyer in Orchard Park, NY

how do buyers protect themselves when a seller backs out of a deal 2 weeks before closing? DO we have any rights?

Asked by Carriern, Orchard Park, NY Sun May 20, 2012

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Joe Sorrentino’s answer
Carrie:
I am really glad that you did respond. Many of us respond and try to provide helpful information but never get any response from the person asking the question. We would really appreciate it if you would keep us informed about how this goes and what your attorney says about this.
0 votes Thank Flag Link Tue May 22, 2012
Depends on if you had anything to do with them backing out. Some buyers make it impossible to get to the closing table.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue May 22, 2012
Sorry Joe for your inconvenience, I didn't realize that you felt this way. I have every intention to reply to questions howeverI work full time go to school full time and have five children. Unfortunately I can not check this board as frequently as you may expect. But thank you anyway for your input, it is appreciated.--Carrie
0 votes Thank Flag Link Tue May 22, 2012
Roland, Carrier is the buyer. The seller is holding THEIR deposit.

.......To all the agents/ Brokers out there; did you ever notice how many times a question is asked from someone with no profile and a hidden identity and then after all the answers are given and even some questions asking more specifics, they never reply back?
0 votes Thank Flag Link Tue May 22, 2012
In general, your recourse is to take their deposit. But it is not that simple. Your attorney can tell you best what you can expect and if it is worth going after them for damages.
0 votes Thank Flag Link Mon May 21, 2012
So sorry this happened so close to the closing. Since this is NY state you are most likely working with an attorney therefore at this point the attorney would be the one with the answers to your questions, since he would have been involved with the preparation of the contract.
0 votes Thank Flag Link Mon May 21, 2012
It's really in your best interest to consult with an attorney who specializes in real estate, therefore consider a consultation...
0 votes Thank Flag Link Sun May 20, 2012
Your rights are limited unfortunately but as Gail and Ian stated, you need to discuss this thoroughly with your closing attorney. Not all attorneys who do closings are litigating attorneys so you may have to go to one (who will do a law suit) outside the one who is supposed to be doing your closing. Lately, there are so many contracts that have loopholes in them that leave a buyer or a seller a way out (escape clause), it's pathetic! A simple thing like either attorney issuing an attorney approval WITH a condition could be a loophole if an UNCONDITIONAL approval was not issued after satisfaction of that condition. Same thing with a Mortgage Commitment. Many contracts we see lately have several conditions on them AND, the commitment received by the seller's attorney is NOT signed my the purchasers which is contrary to our Buffalo- Niagara Association of Realtors/ Erie County Bar Assoc. contract. Understand that I am not an attorney but, we have experienced this a lot in the past several years. An attorney who has expertise in contract law can best advise you.
I wish you luck.
0 votes Thank Flag Link Sun May 20, 2012
You need to consult an attorney, as I cannot offer legal advice. In my experience though, a buyer may have some rights. The idea is that each home is unique, and cannot be replaced. You may be able to sue for performance. However, you will need to get legal advice to see how your specific situation fairs and if it is worth the legal fees to pursue(often times these cases settle before going to court). If the situation is reversed, sometimes the stance isn't as strong because there can be more than one buyer for a house and subsequently, buyers are not as unique as homes. State laws vary(as well as precedent), and each situation is different, so if you speak with a real estate attorney you will get the best and most reliable answer.

Hope that helps.
0 votes Thank Flag Link Sun May 20, 2012
Do you have a contract of sale? If you do you have numerous options, depending on why the transaction fell through, much though depends on the terms of the purchase and the reasons it is falling through.

I would be happy to give you my opinion, and if you get into a bind, which you may, try and help you find another home asap, I can be reached directly at 716-864-7863, any time, or at my office tommorow, 716-652-0232.

Be happy to find out much more and give you an opinion off line may be better.
0 votes Thank Flag Link Sun May 20, 2012
You should be discussing this with your Attorney who approved your contract.
0 votes Thank Flag Link Sun May 20, 2012
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