Home Selling in Queens>Question Details

Dennis, Home Seller in Huntington Station, NY

If a sales contract buyer fails to get a mortgage commitment can the seller seek the cost of their attorney's fees?

Asked by Dennis, Huntington Station, NY Fri Oct 14, 2011

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7
Joseph C. Hastings’ answer
Nope. This is the chance you both take on. I suspect nobody really looked at the financials of the buyer, hence the problem. If you did use a broker to help sell your place, he did a very bad job of vetting the buyer. If you didn't use a broker well...tsk, tsk, tsk.
0 votes Thank Flag Link Thu Jan 5, 2012
Not a chance if the buyer had a morgage contingency and provided a denial letter fm the bank as evidence.
The only instance in this situation you could recoup money is if you can prove that the buyer didn't reasonably try to obtain a mortgage in a reasonable amount of time.
0 votes Thank Flag Link Fri Oct 14, 2011
Sounds unlikely, many Attorneys would not charge the Seller if their deal falls thru, but such are lawyers.....
0 votes Thank Flag Link Fri Oct 14, 2011
Generally no. Most contracts are written subject to mortgage approval.
0 votes Thank Flag Link Fri Oct 14, 2011
Hi Dennis, there are certain instances where the seller can collect his attorney fees....what was the reason for his denial? were his finances checked out before going to contract? did he loose his job? speak to your attorney and see if you may be entitled to liquidated damages from the escrow. Terry K 718-614-3167 or tkorahais@elliman.com
0 votes Thank Flag Link Fri Oct 14, 2011
I would check with your attorney...but unless stipulated in the contract you might not have that opportunity.
0 votes Thank Flag Link Fri Oct 14, 2011
Your attorney can best answer your question; generally no, was the recovery of attorney fees agreed upon in the contract...
0 votes Thank Flag Link Fri Oct 14, 2011
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