My Buyer needs the sale of his house to purchase my property, the problem is that his buyer wants him to fix a mold problem. My buyer refuses to do it

Asked by Entssc, Flemington, NJ Tue Aug 16, 2011

Because my buyer refuses to do this , his buyer backed out, causing my buyer to back out. We just found this out three days before the closing on my property.,What is my recourse. We have a standard contract with him.

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10
Lyle Wolf, Agent, Morristown, NJ
Tue Aug 16, 2011
This is really a legal question based on the specifiic terms of the contract with your buyer. You should address this with your attorney as to any recourse you might have.
1 vote
Gary Geer, Agent, Antioch, IL
Wed Aug 31, 2011
Entssc,
If your home sale was contingent upon your buyer being able to sell his home or upon a home close of his home then your buyer has a possible out of your contract. Your buyer must have known that when he refused to do what it takes to satisfy his buyer ( or negotiate a solution ) that his deal could be canceled. Your contact may be different than what we normally see. You need to contact a real estate attorney for his/her expert opinion on your position. We are not attorneys and can't give legal advice.

All the Best,
Gary Geer

http://www.GaryGeer.com
0 votes
Joseph Lowery, Agent, Chesapeake, VA
Wed Aug 31, 2011
Laws and contracts are different in every state and I suggest you contact a NJ lawyer for your answer. Real estate agents aren't lawyers and can't give you professional advice about recourse. What you should do is talk to your agent about the concerns of accepting a contingent offers in the future.

I'm sure you will find the right buyer soon.

Joseph Lowery
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Aug 28, 2011
There are two contingencies that may be at play here:
1. Home Sale Contingency if included in your contract; and,
2. Inspection Contingency on your buyer's contract with his buyer: the buyer has the right to ask for repairs and the seller has the right to respond. If an agreement cannot be reached, then the contingency can cause the transaction to unwind.

Talk to your attorney about your situation more specifically.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
0 votes
Joanne Berna…, Agent, Northfield, NJ
Sat Aug 27, 2011
Mold can be a very expensive problem to mediate. Since mold is toxic it must be done properly. This is a perfect example of why seller's should think long and hard before accepting a contract of sale that is contingent on the sale of another property. Anywhere along the line if a sale falls through the domino effect can cause a huge headache. If you allowed the contingency, you may be out of luck. If you didn't you may be able to keep the deposit money since he backed out of the deal. You really need to contact a real estate attorney to determine the best course of action. At any rate you now need a new buyer. Don't waste anymore of your time with him! If he won't fix this now he won't fix it for the next buyer either!
0 votes
Shanna Rogers, Agent, Murrieta, CA
Tue Aug 16, 2011
Hi Entssc,

Was there a contingency in your purchase contract for the buyer selling their home? If so, and it was not removed in writing, the buyer can cancel contract without being in breach of contract. Of course, I am not an Attorney so you may want to consult with one.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes
FarOutWest, Home Seller, Springfield, MA
Tue Aug 16, 2011
And what does the attorney who represents you and who drafted the contract on your behalf tell you?
0 votes
Betty Kerr C…, Agent, Irvine, CA
Tue Aug 16, 2011
Hello Home Seller,

Contact your agents Broker and have him/or review the contract and deadlines for inspections. I do not know your states laws on contacts, but the Broker may be able to assist you.

if not have a Real Estate attorney review it for you and see if they can help.
Web Reference:  http://www.BettyKerr.com
0 votes
Janice Ortner, Agent, Stuart, FL
Tue Aug 16, 2011
Was the contract on your home contingent on the sale of his house or on his ability to secure financing? Was this transaction coordinated through a Realtor?
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Aug 16, 2011
Your listing agent should be guiding you through teh recourse specified in your contract, if you are selling on your own, you may need to get an attorney to review it with you. It will depend if there is a contingincy on yoru buyer selling their home prior to buying yours and if you put in any dates they need to abide by or the contingincy is waived.
Web Reference:  http://www.ScottSellsNH.com
0 votes
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