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Updated over 1 year ago,

User Stats

60
Posts
29
Votes
Delicia M.
  • Rental Property Investor
  • NYC and South Carolina
29
Votes |
60
Posts

Buyer Default on Contract Day of Closing.Can I Keep Down Pymt without Going to Court?

Delicia M.
  • Rental Property Investor
  • NYC and South Carolina
Posted

On the day of closing, the buyer decided they want to back out of the contract for no substantiated reason.  The buyer wants their $50K downpayment back. My attorney is advising that I take $10K out of the $50K down payment then re-list the house. I'm pissed. I feel like I should be able to keep all the downpayment. My attorney says we would probably need to go to court which could take years and a lot of money. I've never sold a house before. Please advise. Should I take the $10K or fight it in court?

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