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4 Comments on I Can Walk Away From This Contract At Any Time, Right?
They do that because in reality they can walk away. The legal remedies are so costly that few use them. Who is going to spend 8-10 thousand on a specific performance lawsuit when that is 1 tenth the value of the house for example - AND have no guarantee of winning. The trust level for our industry is way way way down. When the banks etc violate contracts why should the general public feel held to them? "Because it's right" only goes so far.
That;s why I don't like earnest money I think it's stupid, a person is either going to buy the house or not.
You handle it nicely and non confronting.
Great way of handling this situation, I hope that I can handle this so gently..
Good luck
Hi Kathy...
I understand what you're trying to say, but I am troubled a bit by some things you say.
When your word is your bond, and you have a respect for contract law, it's up to personal responsibility to know that "Because it is right" goes VERY far. Just because one might live in a neighborhood of thieves does not mean that expectations of your own behavior should be lowered. Others might expect less of us because of the way we look, or where we live.... but that is THEIR problem.
All too often we have heard that "if banks violate contracts" why can't we? Personal responsibility and self-respect is why!
I am alarmed that the term "Strategic Default" has been used so often now that it has been given credibility, as if its a decision like any other. It is not. It has consequences, far and wide, on your neighbors and other homeowners next door and across the country.
Still Kathy, I understand what you're saying and that its not a perfect world. It takes all kinds.
Paul
The point of the deposit is to protect both sides. The seller for taking his home off the market and the buyer from having the seller sell it to someone else. "Strategic Default" also concerns me. We see few being held responsible in our world for their actions.