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Q. I am a seller with signed Offer to Purchase and earnest money ~ buyer requested access to fix some windows and said he'd let me know if he had financing in three weeks.
He did not contact me and went ahead and did some renovations including tearing out carpets that he did not replace.
We contacted him and he said "no financing" could we do a Contract for Deed...which we couldn't.
Now he wants earnest money and payment for work and stuff he put into house and I'm left with a lot of undone work and I didn't ask for any work to be done. Also I was selling the house as is.
He is suing...am I obligated and should I be suing him?
I'm not an attorney but I do play one on TV. If the contract does not state any work done to be credited back to him - no issues. Sue all he wants, he won't get anything.
The contract rules all. If the contact called for work, and for payment, and for the man-on-the-moon to do the other thing... That will guide. I would talk to an attorney TODAY. I would also recommend you talk to the broker of the agent that let you into this situation in the first place too. You need legal counsel.
What I'm amazed at is this: "he'd let me know if he had financing in three weeks." I don't practice real estate in WI, but in my local market if a buyer didn't have financing in place . . . hmmmmmmm why would a seller give a "buyer" access to anything?? Did you have an agent? Why would you allow a buyer who can't prove they can actually buy the property access? So that's one point. The other is, as the other two comments before mine, what does the contract read? Seems to me the "buyer" (and I use the term loosely in this case since they, apparently, can NOT buy) took a huge risk by not securing financing in the first place, not knowing if he could purchase the property and then doing repairs?!? OY VEY. Were any of your represented? I'd never allow my buyer clients to take the risk of doing repairs without knowing if they were able to purchase the property in the first place, but that's just me. As far as refunding earnest money, depends on what the purchase agreement (contract) reads. If the buyer is within his rights to revoke based on the fact he can not obtain financing (which is a provision in our real estate contracts, again, not sure what's in yours) then he would be entitled to his EM refund. The repairs . . . are a separate issue, IMHO. Talk to a GOOD real estate attorney. If you don't have one, your Wisconsin Bar Association has a referral program. Might be a good place to start. My one word synopsis of this is: SLOPPY. And I'm sorry that both buyer and seller are going through this.
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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