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Updated over 2 years ago,

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2
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Colleen Hagarty
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2
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Buyer in default - Seller recourse?

Colleen Hagarty
Posted

Hello fellow BP'ers! 

Hoping you can lend insight and feedback on the following scenario: 

Seller lists home = 5/26. 

Seller drops price 3.6% = 6/15 (21 DOM).  

Buyer makes full price offer at reduced listing price = 7/6.

Buyer/Seller sign contract for sale = 7/7 with*Financial contingency (not contingent on seller sale of primary residence). Auto-renew every 21 days.

Expected close date = 8/8.

Extended close =  8/12. 

3rd extension = 8/16.  

Buyer conducted final walk = 8/22.

Today = 8/25.

The sellers agent is not actively receiving updates from the buyers agent as of 8/24. Buyers had a prequal letter from lender. Buyer put primary residence on market 16 days after seller accepted buyers offer. Seller executed a price drop of 5.7%; after fourteen DOM. Seller property still actively listed.  

As the "seller", what legal recourse exists? Seller executed all expected behaviors; including: vacated the property prior to closing date, incurred the cost of: movers, storage, relocation out of state, 9 month lease, repairs to home, cleaners, removal 2 tons of furniture and household goods (seller downsized significantly), and enrolled children (3) into local school district. 

Can anyone provide any legal guidance, insight, direction as to the course of action the seller needs to take against buyer? Appears deal is dead. Additionally, with market contraction, relisting the property at the agreed sale price will likely result in further delay to sell. 

Thank You!

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