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Too late for April Fool's ....
OFFER TO PURCHASE....hmm...yes, it IS a legal contract....forfeit earnest money....hmmm...probably...oh wait.....let's see....right here under "Legal Mumbo Jumbo...You could be in deep trouble..." it says that if you are able to meet all the contingencies....and pull the "If I don't want to I don't have to" card...you could be sued for specific performance by the Sellers....because it is not your intention to specifically perform as you agreed to do when you signed the contract.
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108 Comments on This email confirms my voice mail....I am not buying the house
Uggh. Then they'll turn this into a negative story about how the agent, the sellers, and everyone but them is to blame.
I'm not an attorney, so I don't interpret the law or give legal advice, however, I do agree with what Akerly, #77 had to say. I've had this occur several times with the sellers never compelling the buyers to close on the sale or get additional damages. I do want any cancellation in writing, so I wouldn't cancel an offer to buy until I got that document first.
We are working toward resolution...we have no boxes to limit damage...yes...if the Sellers choose, specific performance is an option....earnest money....and liquidated damages is another cause...there are options and that is for the sellers and their counsel to determine...we will definetly post Part II when it reveals itself !
It is amazing that the buyer would think it is not a legally binding contract. Our contracts here specifically state "This is intended too be a legally binding contract. If not fully understood, seek the advice of attorney prior to signing".
You bet the purchase contract is a legal contract! I'm curious how the rest of that conversation ended up!
I am not a realtor and you will all most likely dismiss my comment because of that. But I have to ask a question. Although a legal contract, and although you can sue and feed the lawyers to make this sale go through is that worth the effort. I have purchased 5 or 6 houses and know how some realtors work at applying the pressure to get the contract to make the sale. The inexperienced buyer gets pressured into a decision and when they decompress they changed their mind. Did that happen here? I don't know anyone involved I just know that I have been through this with multiple realtors and had to fire them and find others to work with. I am not the typical home buyer as my father was a general contractor and I helped build many homes in NC and saw them sell.
Just sayin' that this can happen. But why don't we force people to go through with it. Why don't we hire and pay lawyers on both sides. Nobody wins but the lawyers. Keep the earnest money and move on! The right buyer is out there.
Mostly just get over it and move on! I can't count the number of times I have had a realtor apply pressure to me to make an offer and see what happens.... "Better make it a full price offer because it is a hot seller's market" and under their breath and I make more commision.
Now let the attacks on me begin. You cannot argue with my experience though because it is mine and is real.
I sometimes feel as though Realtors have a sign posted on our foreheads that everyone can see but Realtors....reading "use me, abuse me and then don't pay me". Your blog feels like one of those times.
There was ZERO pressure applied to these buyers...who had bought real estate before...they were competing with multiple offers and thrilled to get the house...it will be the Sellers choice what legal remedy they pursue. I am sure your experience is real...everyone's is different. If you are dealing with successful realtors....there should be no pressure...we will continue to pay bills, go on vacation etc. if we don't get that sale.....the conscience of the buyers and sellers in this situation will guide their options.
Amazing how, even after being told it is "a legal and binding contract"...some buyers just don't get/believe it!! Some just need a good lawsuit against them, perhaps!
I once had a couple back out of a purchase a week before the closing - AFTER the sellers had sent their tenants away.
When I told the non-buyer that she was lucky the sellers weren't suing for performance she got very angry. A day or so later she called to say that her attorney said I needed to quit "hassling" her or they'd sue me!
I wish the sellers HAD sued for performance. They deserved it.
I agree with you, some clients seem to take the contract to lightly. We just had a seller cancel the deal for no reason right before escrow was to close! Now it's the buyer's money held up in escrow and the seller say's they are not paying the buyer for any of the fees they incurred.
I was just speaking to someone about how many people today are clueless about the legal ramifications of contracts and how many have little or no regard about the other side of the transaction. Apparently, many people live on RUKIDDINGME LANE!
Hi Sally & David, we just had a buyer do the same. But as our broker says "you can't hold a gun to their head to make them close." And lawsuits are very expensive.
I recently had one who canceled a contract on a flimsy Inspection Clause that I had written in to protect them. This was the FOURTH house that we had put an offer in on, and not only did they cancel for an "iffy" reason, but then told me several lies about "possibly denied financing", "wife may lose her job", "Mortgage person could tell by photo's only the house would not pass VA Appraisal (even tho it had only a few years ago, and had been improved on since)", "ANOTHER person was going to send me the Financing Denial letter (never got one.... period)", "I never sent the mortgage company a copy of the contract (yet the mortgage company had emailed me to clarify an item on this contract they never received....)", etc....
They were VERY fortunate not to lose anything! i lost a lot of time.....
Hi Sally, great post and very entertaining spin on a difficult situation. At least she came straight out with her intentions rather that usual technique of looking for a loophole or contingency to be unreasonable about until the deal is canceled.
Great post. I think too many people don't understand the laws regarding contracts and feel that they can just walk away any time with nothing but a flimsy excuse. I know one individual who tried that because the seeler would not allow early occupancy and the buyer got mad. The buyer's agent finally had to explain the facts of life to this individual who ended up buying the house anyway.
Sometimes we all feel like we are in the "eye of the soap opera" swirling the tales of As the World Turns....stay tuned !
I tell Buyers that the paperwork is not recorded in any public place, but when they sign it they are agreeing tto the terms I spelled out and it will stand up in a court of law if they do not hold up their end of the terms.
Now there are cases where we will structure it with out clauses if there is any uncertainy, but we keep those timelines very short, so as to not waste the sellers time. Fortunately 99% of the time, it all works out.
I really enjoyed your writing style! Joy
We do things a bit different in Wisconsin...and our first call was to our legal allies....we don't guess or presume...and the legal remedies are many....the choosing is the Sellers....and we believe we know how this will end...and that will be another blog...stay tuned !
Sounds like a case of feet in a bucket of ice cubes to me. Not all that unusual these days to have buyers get cold feet and walk. Many get excited about a house and then talk themselves out of it before they get home. Buyers are really jumpy this year. The economy, the upcoming election, the media, and everyone they know thinks they have a handle on what is going to happen in the future and people get scared away. I wonder where all these outside influences get their information? I wish I had their crystal balls, I would be so rich!