Story.susan, Home Buyer in Alpharetta, GA

Buyer's failure to perform.

Asked by Story.susan, Alpharetta, GA Mon Apr 2, 2012

I am the seller. The buyers were cleared for closing. On the day of closing they backed out saying their fung shui consultant advised them against making the purchase and moving in due to ghosts in the house. What legal recourse do I have for their failure to perform? Anyone have a situation like this? (I know, crazy, right?)

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5
Solomon Gree…, Agent, Duluth, GA
Mon Apr 2, 2012
Hi Ms. Story,

This is so unfortunate for you and I am so sorry. Agents, however, usually won't offer legal advice unless they are licensed attorneys too. If the contract with this buyer was established using the standard 2012 Georgia Association of REALTORS® Purchase and Sale Agreement, you might find paragraphs 12 (Return and Disbursement of Earnest Money) and 17 (Default) of interest. But provisions laid out in any Special Stipulations or attached exhibits control.

As you can see, this can get rather complex, so it would be best to consult with a licensed real estate attorney.
1 vote
Ricardo Nadal, Agent, Buford, GA
Mon Apr 2, 2012
Read, read and read your sales contract again. If it is your standard GAR form, failure to perform is mentioned in there. You Real Estate agent should be able to help you with that issue. If you are going beyond earnest money, make sure you do not agree to sign the standard GAR Termination and Release form.
Good luck
RIcardo Nadal
Broker
770-630-0606
tntrealty@comcast.net
1 vote
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Mon Apr 2, 2012
I would sue the buyer and their feng shui advisor. Just when I thought the business couldn’t get any weirder….

A lawsuit like that may make you so famous you won’t need to sell your home, just pay it off with all of the money from interviews and then tear it down.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon Apr 2, 2012
You need to consult an attorney, they could write a demand letter and see if that would work, but other than that I think the earnest money would be all the damages you could get. Maybe a call to Ghost Busters - good luck.
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Mon Apr 2, 2012
Hi Susan,
You would need to contact your real estate agent regarding the terms of your sales contract.

For legal advice, you would need to consult a real estate attorney. Only they can advise you on legal issues.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes
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