Seller Cancelled, Buyer Sueing

[SEWHAPPY]

What is the name of your state? CA
My elderly parents had their house up for sale recently, & found a buyer at the same time that they made an offer on a house. They received a deposit, & the contract was worded that the escrows must close concurrently. Within 7 days, my parents cancelled their offer on the house they were buying, (that 2nd look showed problems) therefore they returned the deposit to the people buying their house. These buyers are now sueing, because they really want the house. They go to court in Jan. '03.
My parents are having health problems over this mess. Can they lose their house? Their real estate person says no, but they don't believe anything right now. Please advise. Thanks. Robin

 

[HomeGuru]

They need to hire a real estate attorney to review the contract.

 

[nicolasandra]

My husband and I are in a similar situation. Our realtor told us to sign the 'Offer to Purchase' and that it was not legally binding, just a formality to agree the price if we decided to sell. We decided not to and now we are being sued. We are currently going through depositions and our lawyer thinks we have a case because it was not our 'intention' to sell when we signed the paperwork - now we have to proove it.
I am interested to hear how you get on with your case. Did your parents sign the Offer to Purchase?

 

[SEWHAPPY]

My parents signed whatever you sign, to open the escrow, with their real estate person holding the contracts for both houses. When they went back out to see the house they had offered on, they realized they had confused it with another of the homes they had seen that day, & although they liked it, it was a split-level, which, with my dad being 83, & having a heart problem, was not as good an idea as first thought. They have now been served a summons, by the couple wanting my parents home, for a court date in Jan. '03, which will not get the sueing buyers into the house in time for school to start, which was their goal. In the meantime, the real estate person's insurance co. lawyer had all of the docs, & says there is nothing to be done until the court date, unless the sueing couple back down. How about a little STRESS for the holidays?!

robin