Posted on: 25th May, 2009 08:13 am
Hi,
My closing is next Friday and I donot want to go ahead with the purchase of the property now. (Mixture of finances + Realized later that there is a lot of traffic noise in the master bedroom). I signed the purchase agreement just 1.5 weeks back. The seller is threatening to sue me for either of the following
A. Buyer + Seller agent commission (5.5% of Purchase price - $195,000)
B. Specific Performance
Now, the "Buyer Default" section of the contract does state that the seller can pursue such actions.
I am wondering whether there is a way out. I am ready to lose my earnest money of $2,500 but don't want to get into this suing thing. The only contingency in my contract is if I don't get my loan approved through their preferred lender but the bank is saying there is no way I won't get approved.
Any advice will be sincerely appreciated!! Thanks!
My closing is next Friday and I donot want to go ahead with the purchase of the property now. (Mixture of finances + Realized later that there is a lot of traffic noise in the master bedroom). I signed the purchase agreement just 1.5 weeks back. The seller is threatening to sue me for either of the following
A. Buyer + Seller agent commission (5.5% of Purchase price - $195,000)
B. Specific Performance
Now, the "Buyer Default" section of the contract does state that the seller can pursue such actions.
I am wondering whether there is a way out. I am ready to lose my earnest money of $2,500 but don't want to get into this suing thing. The only contingency in my contract is if I don't get my loan approved through their preferred lender but the bank is saying there is no way I won't get approved.
Any advice will be sincerely appreciated!! Thanks!
Did you hire an attorney to handle this purchase transaction? In many states, people make the mistake of allowing the realtors to handle the contracts. If the answer is "no", then you should get a real estate attorney involved. He/she can also handle the next contract for you when you find a home that you are comfortable with.
Andy if you went with an real estate agent best thign would be discuss this with yoru agnet.
You want to br really sure before you sign you loan papers.
If you have an option where your loan can be made to get rejected, then the seller really cannot sure you for that.
You want to br really sure before you sign you loan papers.
If you have an option where your loan can be made to get rejected, then the seller really cannot sure you for that.
