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.
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?
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?
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.
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?