Hi, I need recommendation for any available options. I plan to buy an apt. I have fulfilled all commitments and got board approval for the purchase. The seller and seller attorney did not respond to our attorney request for closing. Our loan commitment has expired and we have less than 3 weeks to extend the loan. The scheduled closing was one day before we met with the board. The only answer we... [more]
Hi,
I need recommendation for any available options. I plan to buy an apt. I have fulfilled all commitments and got board approval for the purchase. The seller and seller attorney did not respond to our attorney request for closing. Our loan commitment has expired and we have less than 3 weeks to extend the loan. The scheduled closing was one day before we met with the board. The only answer we got earlier was that the sellers haven't find a place but we do not have any contingency for the sellers to find other accommodation. We feel that they just buy time on our expenses (soon it will be 3 weeks after the board approval) without even offering any compensation to additional expenses we incurred from their fail to find accommodation in time. To make things worse, the sellers went aboard for a week after they found out that we have been approved citing trip pre arrangement. We have been paying for storage but luckily we have an apt that we plan to rent to stay while waiting. We can't move on unless we get our deposit back. Our lawyer won't recommend any litigation. I feel that nothing we can do but sue them to return our deposit and reimburse our expenses. Any advise? If we should take legal action, please recommend good ordeal estate lawyer that we will have high chances to win the case. Thank you in advance.
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Response by knewbie
about 12 years ago
Posts: 163
Member since: Sep 2013
Your lawyer should send a time is of the essence letter. It can be 20-30 days. Why isn't your lawyer suggesting this? If your lawyer sends TOE and seller doesn't budge, then you will need a litigation lawyer. Litigation after a TOE + strong contract should get you in or give you an option to get out. without TOE, seller can drag this out for a very long time.
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Response by Flutistic
about 12 years ago
Posts: 516
Member since: Apr 2007
I'm sorry, but I think you should listen to your current attorney.
Your lawyer won't recommend litigation for a reason. And the reason is, she thinks you'll lose.
Basically it depends on your contract language, but it probably says your closing date is "on or about" a certain date. You might want to check that.
If so, that's been interpreted as a 30 day delay for any reason or no reason at all is just fine.
I've heard of a closing delayed for as long as 9 months, which is the longest I personally have heard of.
Remember also when you sue anybody, you have to show damages. I know a moving and storage company that stores your stuff for free if they don't need the truck, and they have a lot of trucks. So, what are your damages? A couple of hundred dollars maybe? You can't sue for frustration.
The recommended actions include meditation, wine, long walks in the woods, etc.
I predict you close within the next 2 weeks.
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Response by front_porch
about 12 years ago
Posts: 5316
Member since: Mar 2008
As your buyer's broker should have explained to you, your deal is not running late yet.
It does sound like you might have to renew your loan commitment, so keep your lender informed.
I'm not as optimistic as flutistic, but I bet you close by Xmas.
ali r.
DG Neary Realty
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Response by Squid
about 12 years ago
Posts: 1399
Member since: Sep 2008
>>please recommend good ordeal estate lawyer<<
This is the best Freudian slip ever seen on the board! Bravo! It is indeed 'ordeal estate' much of the time.
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Response by renovice
about 12 years ago
Posts: 55
Member since: Feb 2009
MPA,
did your issue get resolved? in similar situation. need a litigation attorney to recover deposit
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Response by Guywithcat
about 12 years ago
Posts: 329
Member since: Apr 2011
this is why it is SO important NOT to get rid of mortgage contingencies. People seem to "trust" that things will work out but a delinquent seller can blow your mortgage and then you are stuck trying to get your deposit back.
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Response by huntersburg
about 12 years ago
Posts: 11329
Member since: Nov 2010
"Guy"withcat, how did this work on your recent purchase?
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Your lawyer should send a time is of the essence letter. It can be 20-30 days. Why isn't your lawyer suggesting this? If your lawyer sends TOE and seller doesn't budge, then you will need a litigation lawyer. Litigation after a TOE + strong contract should get you in or give you an option to get out. without TOE, seller can drag this out for a very long time.
I'm sorry, but I think you should listen to your current attorney.
Your lawyer won't recommend litigation for a reason. And the reason is, she thinks you'll lose.
Basically it depends on your contract language, but it probably says your closing date is "on or about" a certain date. You might want to check that.
If so, that's been interpreted as a 30 day delay for any reason or no reason at all is just fine.
I've heard of a closing delayed for as long as 9 months, which is the longest I personally have heard of.
Remember also when you sue anybody, you have to show damages. I know a moving and storage company that stores your stuff for free if they don't need the truck, and they have a lot of trucks. So, what are your damages? A couple of hundred dollars maybe? You can't sue for frustration.
The recommended actions include meditation, wine, long walks in the woods, etc.
I predict you close within the next 2 weeks.
As your buyer's broker should have explained to you, your deal is not running late yet.
It does sound like you might have to renew your loan commitment, so keep your lender informed.
I'm not as optimistic as flutistic, but I bet you close by Xmas.
ali r.
DG Neary Realty
>>please recommend good ordeal estate lawyer<<
This is the best Freudian slip ever seen on the board! Bravo! It is indeed 'ordeal estate' much of the time.
MPA,
did your issue get resolved? in similar situation. need a litigation attorney to recover deposit
this is why it is SO important NOT to get rid of mortgage contingencies. People seem to "trust" that things will work out but a delinquent seller can blow your mortgage and then you are stuck trying to get your deposit back.
"Guy"withcat, how did this work on your recent purchase?