Barry DeGroot

I agree that the same listing agent should not withdraw and re-list the same property for this purpose. A price change can be implemented without withdrawing the property, except in cases where an owner has truly advised an agent to withdraw a property for a period of time and does in fact take it off the market. I don't think this can be avoided however, when the property is withdrawn and re-listed by another broker which occurs frequently as well since the new broker has no choice but to re-list as a new listing. I think the solution is just as you suggested: retain the services of a buyer's agent and ensure that they pull a proper history on the property so that you can adequately evaluate the property and make an informed decision. - Mon Jun 9 2008, 20:25

Jerry,

Aside from an action for specific performance, you are generally limited to actual provable damages such as number 1, 2 and 3 on your list. Alleged damages such as mortgage differential, appreciation and house hunting would most likely be considered speculative and difficult to win. With regard to legal fees, you generally do not recover legal fees in a breach of contract action unless the contract specifically provides for it. I would suggest that you do contact an attorney at least for the purposes of a consultation. While in this type of case, I would generally advise against the time and expense of litigation, it could be worth making a demand on the seller and perhaps obtaining some recovery as a compromise and alternative to litigation. I hope it works out for you.

Barry - Mon Apr 14 2008, 19:29

Jerry, if you used the standard PAR agreement of sale (PA Assoc of Realtors), if the seller is unable to clear title (which is the case), your recourse generally is limited to the return of deposit monies as well as costs you may have expended for application fees, etc. You could potentially have a claim against the seller if he actively and knowingly concealed the fact that he could not clear title, however; given that he may potentially file bankruptcy, you don't want to end up spending more money chasing damages that you may not collect. It sounds as if the seller is attempting to structure a short sale wherein the mortgage company would accept a lesser amount of funds to satisfy the mortgage. If you really want to pursue the property and if your agent, or someone at your agent's company has experience in short sales, I would ask them to become actively involved in attempting to obtain the lender's approval. You could also prepare an addendum to the agreement extending the date of settlement (at your option) pending the lender's approval. Alternatively, if the seller does in fact file bankruptcy, you would want to wait until a trustee is appointed and then from there, seek approval of the trustee to proceed with the terms of your original agreement. Issues like these do arise from time to time and especially in this market, however; working through them is not impossible. I hope it works out for you. - Sat Apr 12 2008, 06:00