Barney Smith, Home Buyer in Jackson, MI

Seller wont Perform

Asked by Barney Smith, Jackson, MI Tue Mar 11, 2008

We have negotatied a contract for the sale of a home in Jackson County Michigan. We are the buyers. Our bank has been ready to close on the property for several weeks now. The seller claims that she owes more than she accepted our offer for. According to her agent, she is having difficulties obtaining the additional financing she needs to pay off her mortgage. As buyers, we are renting an apartment and our lease is up at the end of March. Originally we had decided to close on the 25th of February, We agreed to give them 14 days after closing to vacate the premises. Through the rumor mill, we have heard that our seller was informed by a third party that there was someone who was going to be willing to make a full price offer after she accepted ours. I think our Seller is waiting for the "drop dead" date of our contract so that she can turn around and accept the full price offer. Is my only recourse to sue her for lack of performance?

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Answers

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Barney, I really would suggest that you contact a good Real Estate Attorney. I would also make sure you and your agent are on top of signing extensions if your fear is that the seller is waiting for this date to pass.

It is a lot easier for a buyer to get out of a contract than a seller. If the seller needed to get financing to make this happen, I would say the most proper way I know to have handled that situation is to write it in as a contingency on the counter offer.

For example: This counter offer is contingent upon the seller obtaining financing to pay off the current mortgage and/ or any additional liens on the property.

Was something like that in the counter offer? Just curious. Otherwise it seems like you have a great case, but then again I am not an attorney. Again I suggest that you get an good real estate attorney. Who knows maybe a letter from an attorney will put things into perspective for the seller:)

I hope this information helps! Best Wishes!
Web Reference: http://www.gomelinda.com/
0 votes Thank Flag Link Wed Mar 12, 2008
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