Seller cancelled deal at closing day

Florida
I bought a property and the closing was scheduled to happen on or before 01/15/2003.
Seller had agreed to pay 2.5% of Sale Price for fixes after inspection. The total for fixes was a little bit less than 2.5% of sale price. After Seller got the inspection report, he thought the estimates were very high, but he never had his own inspection nor fixed anything. He was told the money to fix the property would be held on an escrow account to be used for the fixes. He was also told he would get the remaining balance after fixes completed if there was any money left.
Seller's title did not come back clean and the pay offs for the bank he has his mortgage should be sent to the Title company for the closing to happen. The Payoffs only arrived on 01/16/2003 and the closing was scheduled for the same day at 1:30 PM. Seller told his agent on 01/16/2003 (morning) he wanted to cancel the deal because the closing should have happened on 01/15/2003 and he would not show up at the title office for the closing.
Buyer, Buyer's agent and Seller's agent went to the title office as scheduled and signed all the paper work as a proof we had good faith to close the deal. Seller never showed up (as expected).

Now, I want my money back for the downpayment which is with my agent's company and I had to spent $350.00 to postpone a trip for myself and family because I found the Seller was cancelling the deal. On top of that I will probally lose the mortgage rate I got and I used my IRA savings for the downpayment (Had I bought the house I wouldn't have to pay the 10% penalty as stated by the IRS).
What do you think I should do?
Thanks.

[HomeGuru]

[quote]Originally posted by jmarcelo
[b]Florida
I bought a property and the closing was scheduled to happen on or before 01/15/2003.
Seller had agreed to pay 2.5% of Sale Price for fixes after inspection. The total for fixes was a little bit less than 2.5% of sale price. After Seller got the inspection report, he thought the estimates were very high, but he never had his own inspection nor fixed anything. He was told the money to fix the property would be held on an escrow account to be used for the fixes. He was also told he would get the remaining balance after fixes completed if there was any money left.
Seller's title did not come back clean and the pay offs for the bank he has his mortgage should be sent to the Title company for the closing to happen. The Payoffs only arrived on 01/16/2003 and the closing was scheduled for the same day at 1:30 PM. Seller told his agent on 01/16/2003 (morning) he wanted to cancel the deal because the closing should have happened on 01/15/2003 and he would not show up at the title office for the closing.
Buyer, Buyer's agent and Seller's agent went to the title office as scheduled and signed all the paper work as a proof we had good faith to close the deal. Seller never showed up (as expected).

Now, I want my money back for the downpayment which is with my agent's company and I had to spent $350.00 to postpone a trip for myself and family because I found the Seller was cancelling the deal. On top of that I will probally lose the mortgage rate I got and I used my IRA savings for the downpayment (Had I bought the house I wouldn't have to pay the 10% penalty as stated by the IRS).
What do you think I should do?
Thanks.

**A: simple. Ask your agent for your deposit back.

[BrokerRE]

Getting your deposit back shouldn't be a problem.

All that vacation stuff, and IRA loss business, you may as well forget about.

Is the Seller right saying that if the closing should have been on or before 01/15/2003, the contract is cancelled.
It was delayed one day because of his payoffs.
The Agents said they will sue him to get their comission anyway.
Thanks.

[HomeGuru]

[quote]Originally posted by jmarcelo
[b]Is the Seller right saying that if the closing should have been on or before 01/15/2003, the contract is cancelled.

**A: yes, if there were no extensions to closing contingencies in the contract. Read the contract.
******

It was delayed one day because of his payoffs.

**A: whose fault? Did escrow ask for the payoff late? If escrow requested the payoffs in a timely manner and the Seller's mortgage company etc. were slow, then it would be the Seller's fault that there was a delay.
**************

The Agents said they will sue him to get their comission anyway.
Thanks.

**A: then the agents know more than you and I do at this point.
Talk to your agent and investigate. Talk to an attorney to see if you have a case agaisnt the Seller for specific performance.

Thanks for the answers.
The Title company requested the payoffs on 01/07/2003 and it takes about 10 business days to get them. We only got the payoffs after many attempts calling the seller's bank (Title company, my agent, and Seller called several times). We finally got a fax on 01/16/2003.
Even the Seller requested twice for the bank to send the payoffs before 01/15/2003 (At least that's what he said).
How come he changes his mind all of a sudden?
His excuses were that the Date should be 01/15/2003.
That he's not financially ready to sell his house and he thinks he can sell it for a higher price (From his agent).

[HomeGuru]

You can file for specifc performance and force him to sell.