Home Buying in 27407>Question Details

Sami, Home Buyer in 27406

what the buyers remedies if the seller is not closing the sale, even after all the loan inspections and?

Asked by Sami, 27406 Wed Jun 4, 2008

appraisal are done? who pays all the expenses and what remedies the buyer have.

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3
Sami,
Sonja is correct. A real estate attorney would be your best bet. It is hard for us to comment without knowing the details of your contract. First question is why is the seller not moving to close? Did they withdraw or postpone? Did you not have a buyer's agent on your side? In a normal situation (I am not saying this is your case) if all the dates have been met on your side and all the requirements then yes you will have recourse to recover your expenses. If the contract was ratified and everything was good then you could even sue for specific performance in that you could force them to sell. Now that is based on the presumption that you met all the requirements in a timely manner and the contract was a good one to begin with. As I mentioned before it depends on your individual contract. In NC we use a state approved standard form unless it is new construction and the builder generally will have their own attorney's draw up their own contracts.
So in closing your best bet is to consult a real estate attorney. If you do not have one I can suggest some for you. Who was the closing attorney was it you and your lender's choice or the seller's? If it was yours then ask them.

Hope this helps if you need anything else just ask.
1 vote Thank Flag Link Thu Jun 5, 2008
Don't you hate it when that happens! Well first off, did you have a REALOR to help you structure the deal. If not, hind sight, right?

Many standard form s do include some relief for failure to close in a timely manner. My Offer to Purchase for example charges the party not ready to close within 10 days of the agreed upon close date an 8% annual interest until the closing takes place. I've personally never had to implement this but it is there. Also, after 30 days, it allows the buyer to back out and receive their earnest deposit in full. And neither of these exclude other remedies that may be available to you. It is best to see an attorney or have your closing attorney review your contract for your specific situation as a REALTOR should not advise to specific remedies through the courts.

Best of luck to you and if this should happen to not work out, give me a buzz. The seller pays my fees in 99.99% of all transactions I handle. 812-8128 or Len@LenMontgomery.com
Web Reference: http://LenMontgomery.com
1 vote Thank Flag Link Wed Jun 4, 2008
Sami,

I am very sorry that you have to go trough this experience. Remedies that you do have available at this time would depend on your contract. It is in your best interest right now to contact an experienced real estate attorney and find out what option you have. Make sure to review possible expenses. Good luck!
Web Reference: http://www.SonjaBabic.com
1 vote Thank Flag Link Wed Jun 4, 2008
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