Buyers remorse

M

Mjanko82

New Member
Jurisdiction
Illinois
My family is under contract to close on a home next week.
We developed buyers remorse and feel we may have bit off a bit more than we can chew.
We asked for a termination policy to be written up and for the seller to keep the $500 earnest money.
He refused and said if we don't show up to sign the contract he's coming after us legally.
So we offered another $500 on top if the earnest money, to peacefully walk away.
He said absolutely not.
If we do not meet to sign this contract, and he comes after us legally, how much can he come after us for? Can we really be raked over the coals for this?
 
Mjanko82 said:
If we do not meet to sign this contract, and he comes after us legally, how much can he come after us for? Can we really be raked over the coals for this?
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The seller could come after you to force you to complete the sale. It's a bit improper to say that you would be the one raked over the coals, since you're the grillmaster on this one.
 
Actually, there are different ways they can come after us, but from what I've read they can only do one way at a time.

We're not raking anyone over the coals.

We realize the situation, and that they are most likely frustrated, hence offering then above and beyond the earnest money.
 
Mjanko82 said:
Actually, there are different ways they can come after us, but from what I've read they can only do one way at a time.
We're not raking anyone over the coals. We realize the situation, and that they are most likely frustrated, hence offering then above and beyond the earnest money.
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You asked "If we do not meet to sign this contract, and he comes after us legally, how much can he come after us for?" so I responded that he could come after you to complete the sale. I guess I should have spelled it out that I was showing the maximum he could seek from you (plus various costs, per the contract). I didn't list every option the seller has.
It's amazing that you think that offering the seller $500 or $1,000 is somehow adequate compensation for a failure to the six-figures that you are supposed to pay.
 
Mjanko82 said:
Actually, there are different ways they can come after us, but from what I've read they can only do one way at a time.

We're not raking anyone over the coals.

We realize the situation, and that they are most likely frustrated, hence offering then above and beyond the earnest money.
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It would be prudent to speak with a real estate attorney as soon as possible.

In the INTERIM cease all communications with the "seller".

When you meet with said attorney, bring copies of the document purporting to be a sales contract, and any other documents you ALLEGEDLY signed.

Things may look bleak to you, but to an experienced attorney, you have many remedies, along with a myriad of defenses.

If this is a property owner engaged in DIY real estate sales, take a deep breath, meet with the attorney, and I bet a big grin will appear on your face.

Despite what some people erroneously believe, no one gets plenty of "something" for lots of "nothing".

Let us know what you learn from your conference with a real estate attorney.

Good luck, mate.
 
Mjanko82 said:
If we do not meet to sign this contract, and he comes after us legally, how much can he come after us for? Can we really be raked over the coals for this?
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Potentially, yes. Your purchase contract undoubtedly has an attorney fee provision. So, whatever he comes after you for, if he wins, you get to pay his attorney fees (as well as yours) which could amount to many thousands.

As an alternative to specific performance (already mentioned) he could put the house back on the market and resell it. If, for reasons beyond his control, he gets less than he sold it to you for, he can sue you to make up the difference plus any costs he incurred that he wouldn't have incurred without your breach. Now we could be talking tens of thousands.

So far you have offered chump change. If you want to buy your way out of this contract I suggest you up your offer to $5000 and see how that goes. Keeping in mind that he could smell blood in the water and ask for $10,000 or even more.

What's it worth to you to be cut loose from this purchase?
 
Mjanko82 said:
My family is under contract to close on a home next week.
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A "family" is not an entity that is capable of entering into a contract, so who exactly is party to the contract?

Mjanko82 said:
We asked for a termination policy to be written up and for the seller to keep the $500 earnest money.
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Asked whom? What does "termination policy" mean?

Mjanko82 said:
If we do not meet to sign this contract, and he comes after us legally, how much can he come after us for?
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When a buyer breaches a contract to buy real property, the seller's remedy is to put the property back on the market. If the property sells for less than the previously contracted price, then the breaching buyer will be liable for the difference, together with all costs incurred by the seller in relisting the property. If the property sells for more, then the seller has no damages (other than, possibly, costs of relisting). And, as mentioned, attorneys' fees will likely also be included.

Mjanko82 said:
Can we really be raked over the coals for this?
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No.

Zigner said:
The seller could come after you to force you to complete the sale.
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Disagree. Specific performance (an equitable remedy) would not be available in a situation such as this because the seller would have an adequate remedy at law.
 
zddoodah said:
Disagree. Specific performance (an equitable remedy) would not be available in a situation such as this because the seller would have an adequate remedy at law.
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Specific performance is an available remedy as well.

EDIT:
Let me step back a bit. Specific performance may be an available remedy, but is very fact-specific. I agree that it also may not be an available remedy based on the facts.
 
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