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I was once representing buyers (this past year, in fact) and the sellers decided that they didn't want to sell their home - after the buyers paid for inspections and appraisal. The attorney threatened suit of Specific Performance and the sellers paid for the buyers' costs of inspections, appraisal and attorney.
That's the only time I've had to deal with any of that but, the attorney was fully in-charge of the situation and it went well for my buyers as they recouped all of their money AND wound up locating an even better property which they love...and are actually happy that the sellers did what they did on the original property!
San Jose, CA
Candice A. Donofrio
Fort Mohave, AZ
in 38 years of very heavy production, I've never had to think about that ...not once...nor will you.... I really dislike the direction your introductory lessons are taking you .... it's RARE for any of that to happen....
Debe Maxwell, CRS
Frequent only if one does not know what they are doing and/or are not doing their jobs. I am with Barbara Todaro and Michael Jacobs - there is no reason for this to happen.
Debe Maxwell, CRS
Follow the golden rule.
Always do the right thing.
Understand your craft.
Always be learning.
Accentuate the positive.
I don't think it's frequent at all! Well-trained, knowledgeable agents who do their job will likely not have any issues
I have had a few cases of liquated damages...that was just the earnest money involved and it went to the sellers. Funny...it was the same sellers both times. They actually made a bit of money while having their house listed for sale.
not all that frequent, but it happens.
Never have dealt with it.
Very seldom. Usually the buyer terminates and the seller just keeps the earnest money.
Very infrequent, especially is we are doing our job right.
I don't deal with any issues of damages... when damages are involved it's a legal issue dealt with by lawyers.
Monetary and liquidated damages are seldom used. With growing interest in mediation and binding arbitration to resolve disputes, not big issues.
Specific performance is mush the same. It can be expensive and time consuming.
Only had one specific performance action in over 45 years of brokerage and 40 years of law. It involved a multifamily property!
It's frequent to threaten the third one . . .
abby tiscareno No, not at all.
None for me.
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abby tiscareno - I have not seen them frequently. I'd say, it is rare.
Not if you do your job competently.
It is not a frequest problem because most people take contractual obligations seriously.
Not at all...being hands-on, dilligent and customer serving prevents much
Stay out of trouble and you will not have any worries.
A good question to ask legal counsel for the relevant jurisdiction.
Those agents with these problems do not last long. Often lose their licence.