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Updated over 4 years ago,

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4
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0
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Terre Tulsiak
0
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4
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Buyer failed to perform

Terre Tulsiak
Posted

I signed a contract with buyer that stated closing date was Sep 14 or 30 days after tenants vacated WHICHEVER CAME FIRST. I notified him of tenants vacating on July 6 which he already knew because he had offered to pay moving costs , he was so anxious to do the deal. The closing date was set for Aug 18 and I appeared at title office but they hadn't received funds yet. They had sent HUD docs the day before. I found out later that buyer was doing a double close, rather than assigning, since he assured me he 'was developing it himself'. No biggie, but the second buyers walked when they saw the HUD statement, realizing they were paying too much, so my buyer was scrambling to find new buyer.

He refused to cancel contract even to get his deposit back and several days later attorney wrote letter threatening to sue to compel enforcement of contract, which they did after changing title companies. I signed addendum to transfer deposit to new title but it was a scam- intending to extend contract- he told me he was worried about losing money, disappointing family, etc. Now he has filed a lis pendens clouding title to prevent sale , causing loss of good tenant for 3 months. I only agreed to sell because Im getting divorced and need cash , my daughters tuition at Notre Dame overdue. 

Who will win a law suit? Should I countersue?

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