Contract Question - Posted by Nate CO


#1

Posted by karp on November 05, 1998 at 20:43:34:

Sounds Phishy,

and I know phishy…
I would sue for ernest money and damagaes and move on and sell it to someone else at the same time.

Cake and Eat it too…

Thanks,

karp
aka Karl Hartley


#2

Contract Question - Posted by Nate CO

Posted by Nate CO on November 05, 1998 at 18:25:41:

I am flipping a house retail with a price at top of comparables. The first day I set up sign I had a full price offer. Contract is drawn, closing 60 days out. Buyer goes through Mortg. Broker who orders a drive by appraisal. All contract dates and conditions seem to be met, by Oct. 30. Then Buyer changes mortg. co. new appraiser will not OK price, buyer wishes to back out. Now in contract under finance obligations–loan approval and appraisal provisions dates are past. Do I retain earnest money and push for other liqudated damages, or do I just drop deal and move on?


#3

Re: Contract Question - Posted by Bill Gatten

Posted by Bill Gatten on November 08, 1998 at 17:35:02:

Nate,

I tend to agree with Karp in principal; however, I would be very cautious about being caught up in a bunch of unnecessary litigation. If the guy asserts that his bank’s under appraisal reflects an unfair price for the house, and that your holding his money is depriving him of buying something else, then you could (conceivably) spend more than it’s worth just defending yourself in court.

The best guide (I think)- figure out exactly what his failure to perform has cost you, and keep just that amount, if you decide to keep anything.

However, bear in mind that this is only insipid advice from an intimidated soul, who?s spent entirely too much time and money fighting ?for the principal of the thing.? I always win the argument, but somehow it always ends up costing me more than it does my vanquished, but slyly grinning, adversary.

Bill