I had couple sign contract for purchase of home. We were suppose to rewrite it to up the closing cost into the loan because they didnt want to spend their money. In other words, they were approved for the first contract.
They backed out and put another contract in on another house. I advised them since they just backed out without reason, they would loose deposit.
I have never had to do this before, do I
A: Send it to my local MLS board to mitigate
B Send it to Real Estate Commission for them to mitigate it
or do I
C Send it to the Sellers who are out money for termite and other repairs that was done for the original contract.
Thanks
m2 said:
Feb 04, 09 at 9:44 amwhere’s your manager????
or your a student???
they have 2 contracts
the seller may not want to release them and may not have another offer….and just……..not release them..and force them for performance..do not speak for the seller……..you do not know what the seller wants……..they may have bought based on this contract…..and be out a huge amount of money.
so what about the other deal……not your problem..
they will have to tell the court why they went..into another deal without voiding the first…..
and the seller will get damages..maybe more than the deposit..
http://forms.lp.findlaw.com/form/courtforms/state/nd/nd000011.pdf
that court form (Louisiana) shows where performance is asked and the sum..they are out……..or if released.(by the court).the total of damages..the seller is out..by a termination (which may include your commission as an expense.. as did you provide service according to the contracts /listings/sales/ etc)
you didn’t do this…….they did..not your problem..you are now just the messanger….
find your manager……………immediately..