What is the name of your state? TX
We decided to sell our house but before we listed the house with an agent, a neighbors acquaintance was informed of the possibility of our house becoming available. This potential buyer came by for a viewing and we verbally discussed many typical residence topics, but specifically square footage. I highlight the square footage because I told the buyer that the county appraisal measured it at one size, yet we believed it to be larger because 1) the previous owner told us it was larger and 2) our insurance company measured it almost identical to what the previous owner had quoted. Anyway we negotiated on a price for the house, and the following day we brought in our agents to help us with the contract and closing details. A few of the items requested by the buyer were 1) proof of said square footage, 2) a sellers disclosure, and 3)a copy of the survey, all of which were provided at the signing of the contract. The buyer had inspectors come thru and we agreed to repair the buyers requested items by closing if and the buyer waived the remainder of the option period. We both agreed to this via amendment. However, just a few days before closing (post option period), the lenders appraiser comes through and measures the house, and his measurements reflect the smaller square footage, yet he appraises the house for more than what they are paying. The furious buyer requests that we adjust the price of the house as they believed the house to be larger and want the house price reduced significantly. We refused any price adjustments, complete all repairs according to the contract, only to find out that the buyers are not willing to close. Now the ex-buyers have requested the earnest money back, however we feel that we are entitled to the earnest money since the buyer defaulted and we completed our requirements in the contract. The contract is a standard TREC contract by the way. Our response to the ex-buyer was that the earnest money comes to us, but they have yet to sign the release.
It has been almost a month since our last communication, and my understanding is that I cannot get another contract on my house until I am released from this contract else I could be sued. Can anyone elaborate on this topic?
What should my next steps be regarding this in order to resolve it quickly and efficiently?
Do we have a sufficient legal case and is it worth pursuing?
We decided to sell our house but before we listed the house with an agent, a neighbors acquaintance was informed of the possibility of our house becoming available. This potential buyer came by for a viewing and we verbally discussed many typical residence topics, but specifically square footage. I highlight the square footage because I told the buyer that the county appraisal measured it at one size, yet we believed it to be larger because 1) the previous owner told us it was larger and 2) our insurance company measured it almost identical to what the previous owner had quoted. Anyway we negotiated on a price for the house, and the following day we brought in our agents to help us with the contract and closing details. A few of the items requested by the buyer were 1) proof of said square footage, 2) a sellers disclosure, and 3)a copy of the survey, all of which were provided at the signing of the contract. The buyer had inspectors come thru and we agreed to repair the buyers requested items by closing if and the buyer waived the remainder of the option period. We both agreed to this via amendment. However, just a few days before closing (post option period), the lenders appraiser comes through and measures the house, and his measurements reflect the smaller square footage, yet he appraises the house for more than what they are paying. The furious buyer requests that we adjust the price of the house as they believed the house to be larger and want the house price reduced significantly. We refused any price adjustments, complete all repairs according to the contract, only to find out that the buyers are not willing to close. Now the ex-buyers have requested the earnest money back, however we feel that we are entitled to the earnest money since the buyer defaulted and we completed our requirements in the contract. The contract is a standard TREC contract by the way. Our response to the ex-buyer was that the earnest money comes to us, but they have yet to sign the release.
It has been almost a month since our last communication, and my understanding is that I cannot get another contract on my house until I am released from this contract else I could be sued. Can anyone elaborate on this topic?
What should my next steps be regarding this in order to resolve it quickly and efficiently?
Do we have a sufficient legal case and is it worth pursuing?