Posted on: 21st Dec, 2010 11:04 am
We have signed a contract to purchase a house in Great Neck on 10/10/2010. It doesn't have a mortgage contingency on it and we have 75days to close on the
deal (the contract says to close on or before 75days). We have gotten everything done and was ready to schedule the closing either last or this week. On 12/14, I received a call from the seller asking if he can call off the closing because he's purchase fell through (he's also purchasing a house and he didn't get his commitment letter in time and his seller want to back out on the deal). To complicate the story more, because it's a cash deal, I have rushed to sell my house to have extra money in hand just in case we couldn't get a mortgage and
the closing on my house is this Wed. We were able to get a LOW interest rate (3.375%) and will loss it if we have to find another house or unable to close before the lock in expires.
What is your professional opinion on this? What would you advise us do NOW?
Do you encourage a settlement instead a lawsuit, because the lawsuit can be very costly and time consuming?
If we do decide to pursue with the lawsuit, do we have a good case? what's the chance of winning? besides the fore-sale, can we suit for financial damages such as rental fee until either the law suit settles or until we find another house?
Can we only suit for the financial damage and not the fore-sale if we can't afford to wait around for the case to settle and need to find another house as soon as possible (my daughter needs to start school next year)?
If we do decide to go with the law suit and we happen to win the case for financial damages, can we request to have the seller pay for the attorney fee...or there's no such case?
How costly can a lawsuit be?
Can we place a lien on his property regarding this issue??
deal (the contract says to close on or before 75days). We have gotten everything done and was ready to schedule the closing either last or this week. On 12/14, I received a call from the seller asking if he can call off the closing because he's purchase fell through (he's also purchasing a house and he didn't get his commitment letter in time and his seller want to back out on the deal). To complicate the story more, because it's a cash deal, I have rushed to sell my house to have extra money in hand just in case we couldn't get a mortgage and
the closing on my house is this Wed. We were able to get a LOW interest rate (3.375%) and will loss it if we have to find another house or unable to close before the lock in expires.
What is your professional opinion on this? What would you advise us do NOW?
Do you encourage a settlement instead a lawsuit, because the lawsuit can be very costly and time consuming?
If we do decide to pursue with the lawsuit, do we have a good case? what's the chance of winning? besides the fore-sale, can we suit for financial damages such as rental fee until either the law suit settles or until we find another house?
Can we only suit for the financial damage and not the fore-sale if we can't afford to wait around for the case to settle and need to find another house as soon as possible (my daughter needs to start school next year)?
If we do decide to go with the law suit and we happen to win the case for financial damages, can we request to have the seller pay for the attorney fee...or there's no such case?
How costly can a lawsuit be?
Can we place a lien on his property regarding this issue??
Hi william_ng,
You should contact a lawyer in order to know whether or not it will be good to file a lawsuit. It will be better if you could start searching for some other property in order to buy it and take advantage of the low rates. If you win the lawsuit, then you may ask the seller to pay the attorney fees.
Thanks
You should contact a lawyer in order to know whether or not it will be good to file a lawsuit. It will be better if you could start searching for some other property in order to buy it and take advantage of the low rates. If you win the lawsuit, then you may ask the seller to pay the attorney fees.
Thanks