New investor seeking advice here. Signed a contract with an original closing date 11/8/19, a few days before closing seller said title company found out there was a restriction that the seller needs to remove before the title can be transferred. So we agree to an extension to Dec, so that he can go to court and get the restriction removed. Before Dec.8 he informed me he has a court date on Dec 10 and the restriction removal might take place till next Feb, since I like the deal a lot I agreed to extend again but now my agent told me the seller does not want to sign the extension. Should I move on, should I find a lawyer to sue? Not that I cannot walk away but the way the seller behaved definitely left a sour taste in my mouth... Any suggestion would be appreciated. Thanks in advance!
It definitely depends on what state you are in. A seller backing out of a contract in Oregon can carry some heavy consequences for the seller. I wish I had sound advice for you, these are tough situations, do you want to be the bad guy and force the guy to sell? You do have grounds in a court here in Oregon. Best of luck to you!
It definitely depends on what state you are in. A seller backing out of a contract in Oregon can carry some heavy consequences for the seller. I wish I had sound advice for you, these are tough situations, do you want to be the bad guy and force the guy to sell? You do have grounds in a court here in Oregon. Best of luck to you!
That is a very tough situation to be in. Depending on the time, money, and energy spent on this deal it may be worth it to sue for performance. That being said it might not be worth your time trying to work with this seller for the next couple of months.
I strongly suggest seeking advice from a lawyer and have a long conversation with your Realtor.
First off, look at the contract and see if it has a paragraph on specific performance. In some contracts, the buyers EMD is meant to serve as a liquidated damages in the event of a seller breach.
It's not likely that a court will enforce specific performance against the seller. While it does piss you off, it's likely not worth it, unless you really want that property.
Read the contract, then think about calling a lawyer, coming from a law student.
@Linfeng Gou Talk to your realtor and ask for proof of the court date and supporting documentation. If it a good deal, the seller might be trying to get more money from another buyer. There are ways to prevent them from selling to another buyer should they put the house on the market again in Feb.
@all, thanks for the response. I am in PA. Understand it might not worth the effort, just thought it is unfair that the buyer would loss the deposit if breaching a contact yet for the seller it normally becomes little to no risk for walking away.
If you really want it, file a lawsuit to force them to preform, and immediately file a lis pendes with the recorder of deeds. That way he can not sell to someone else and has to deal with you.
I'd guess he has a back up offer that is better than your offer.