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  #1  
Old 07-12-2005, 06:57 PM
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No contingency on selling home

What is the name of your state?What is the name of your state? MA

A buyer made a full price offer on our house and included normal contingencies, such as mortgage and inspection. The buyer did not make it contingent upon selling their house. 2 days after the inspection the buyer indicated that the sale of their house fell through (of which we were previously unaware) and wants to terminate the contract. Our realtor wants us to release the deposit, but I feel that the buyers did not perform. We lost other potential buyers. Should the deposit be released to us?
  #2  
Old 07-12-2005, 07:29 PM
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Quote:
Originally Posted by willycd
A buyer made a full price offer on our house and included normal contingencies, such as mortgage and inspection. The buyer did not make it contingent upon selling their house. 2 days after the inspection the buyer indicated that the sale of their house fell through (of which we were previously unaware) and wants to terminate the contract. Our realtor wants us to release the deposit, but I feel that the buyers did not perform. We lost other potential buyers. Should the deposit be released to us?
Based ONLY on the information in your post, it would appear that the buyer would lose their claim on a deposit as 'penalty' for your allowing their breach. Put it in writing and send it to them (certified RRR) to see what happens.
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There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).

Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
  #3  
Old 07-12-2005, 09:13 PM
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Chances are the Buyer would not qualify for the mortgage if their house is not sold. That's probably why your agent said to terminate and return the deposit.
Last edited by HomeGuru; 07-13-2005 at 09:15 AM.
  #4  
Old 07-13-2005, 12:21 AM
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Join Date: Jun 2005
Posts: 77
Quote:
Originally Posted by willycd
What is the name of your state?What is the name of your state? MA

A buyer made a full price offer on our house and included normal contingencies, such as mortgage and inspection. The buyer did not make it contingent upon selling their house. 2 days after the inspection the buyer indicated that the sale of their house fell through (of which we were previously unaware) and wants to terminate the contract. Our realtor wants us to release the deposit, but I feel that the buyers did not perform. We lost other potential buyers. Should the deposit be released to us?
Read your agreement, normally "contingent" sources of funds must be disclosed. The agreement should have been subject to the successfull CLOSE of the buyer's house.

Now with this said, it could still be somewhat of a battle depending on the amount of the deposit and the actual wording in your agreement. How long away is the closing day specified? They could drag it out till then depending on your contract and then bail.

Your realtor's suggestion probably is the one that would be the least headache but if you want to give your idea a try and see what they say I guess it wouldn't hurt.

Chas
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  #5  
Old 07-13-2005, 05:43 AM
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HG 'MIGHT' be correct..... if there is a financing contingency AND if the buyer didn't provide a 'financing arranged' letter from a lender without the condition of sale.

Charles is just taking guesses and offering 'warm fuzzies' (basically offering the obvious and re-stating what HG and I have already said).
__________________
There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).

Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
  #6  
Old 07-13-2005, 09:17 AM
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warm fuzzies are great**************......but not in the legal world.
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