default on property purchase

[leaky snail]

What is the name of your state?Ne
I purchased 2 vacant lots on a contract in another state, and decided on 1 lot. The closing date was 2/11/05. The money was not a problem in this situation. I am willing to forfeit the $1000.00 earnest money deposited to the seller. What is the next step in the default? Also the realtor asked for my reason which I said was the "risk involved".

 

[HomeGuru]

What is the name of your state?Ne
I purchased 2 vacant lots on a contract in another state, and decided on 1 lot.

**A: what the heck does that mean? Did you buy 1 lot or 2 and if you did not close, then you did not make a purchase.
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The closing date was 2/11/05. The money was not a problem in this situation. I am willing to forfeit the $1000.00 earnest money deposited to the seller. What is the next step in the default? Also the realtor asked for my reason which I said was the "risk involved".

**A: the next step depends upon the Seller and if he/she wants to sue for specifc performance. And if the Realtor wants to sue for commission.

 

[leaky snail]

Ne
The original contract was to purchase 2 lots. After 3 weeks, I decided to purchase 1 lot and the contract was amended.

 

[HomeGuru]

Ne
The original contract was to purchase 2 lots. After 3 weeks, I decided to purchase 1 lot and the contract was amended.

**A: Ok, now that we got the story straight, you may be liable for more than the $1000 on a specifc performance claim.

 

[leaky snail]

Ne

The contract has a paragraph on default/remedies ( 3 clauses) and refers to the disposition of earnest money. Non performance by buyer earnest money shallgo go first toward reimbursing expenses of seller and the sellers broker incurred in connection with this tractiona and the balance be paid 1/2 to seller and 1/2 to sellers broker and the broker recieve no more money than the amount agreed to in the listing. That is in a nutshell.

 

[HomeGuru]

Ne

The contract has a paragraph on default/remedies ( 3 clauses) and refers to the disposition of earnest money. Non performance by buyer earnest money shallgo go first toward reimbursing expenses of seller and the sellers broker incurred in connection with this tractiona and the balance be paid 1/2 to seller and 1/2 to sellers broker and the broker recieve no more money than the amount agreed to in the listing. That is in a nutshell.

**A: what was your purchase price and the amount of real estate commission?

 

[leaky snail]

Ne

The original purchase price was 12,000/ 2lots
The 1 lot was 5,500.

 

[leaky snail]

Ne
Real estate comission unknown.

 

[HomeGuru]

Ne
Real estate comission unknown.

**A: why? What is industry standard?
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