Sellers taking buyers to court to force a closing? - Posted by Mike

Posted by John Merchant on August 14, 2003 at 04:52:07:

Nope, courts quite normally order S to deliver, and pay damages to B.

Have you filed anything in deed records to “memorialize” your P & S rights? If not, I’d suggest you do so immediately, so the S here doesn’t go around you to 2d B.

Sellers taking buyers to court to force a closing? - Posted by Mike

Posted by Mike on August 13, 2003 at 14:49:19:

I’ve been actively flipping parcels of land. The retail value for these parcels is generally in the 10-20k area. I may have to back out of some of these deals down the line. I’m wondering how common it is for a seller to sue a buyer who signs a contract but decides to back out and not close? These transactions are pretty small and I would think it would be a waste of time for a seller to take legal action. What are the odds a buyer will try to force me to close?

This is happening to me. - Posted by Matt Graham

Posted by Matt Graham on August 15, 2003 at 16:06:20:

I posted a similair scenario on 8-11-02 “Buyer breaches contract…”. Our attorney feels we have a strong case, but our real estate agent and her broker have tried to convince us to drop this and move on. What do you think?

Almost non-existent - Posted by John Merchant

Posted by John Merchant on August 13, 2003 at 20:29:42:

Almost never in residential RE world; in larger commercial deals, different story, and this is a big litigation field for the big ones.

As for residential, the attorneys fees usually are a big turn off and rarely does the seller pursue; it’s easier for him to just go find a real buyer, and he doesn’t have all the cost and risk of trying to collect from the defaulting buyer.

Re: Almost non-existent - Posted by Mike

Posted by Mike on August 14, 2003 at 11:59:02:

Thanks for the response. I figured this was the case.

How about the flip side? - Posted by Gary

Posted by Gary on August 14, 2003 at 01:48:33:

What’s the chances I could get a seller to sell as agreed in a signed purchase agreement? I signed a sweet deal from a seller behind in payments. A week after signing the contract, the seller finds that the lender will allow a forebearance and therefore will not sell. Can I win this case and have her perform on the contract or would a judge sympathize with the seller?