Asked by Scott, San Martin, CA • Wed Jun 4, 2008
The sellers decided on the last day of escrow not to sell. Papers were signed and the only outstanding deliverables were the sellers completing repairs (about $500) and my wire-transfer of closing funds. We received a call from our agent saying that the seller didn't want to be bothered. We have about $850 into inspections and lender costs that I am liable for, and will have no property to show for it.
My agent is advising contacting an attorney and that I have a strong case. I did that, but the cost of entry for litigation (file a Lis Pendens, and sue for specific performance) is $15K-$20K and will take a long time (we need a property in 8-10 weeks, not 8-10 months from now). The CA contract also specifies mediation. As a buyer, do I have any recourse to get my inspection and lender costs back ? The seller is very clearly in breach of contract and has failed to perform on their end. And the property was up for rent, so apparently they wer acting in bad faith all along.
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