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Since December 2008
NOW for the REST of the STORY: We do have a buyer's agent. He has been great and very forcefull. Although the seller originally notified the settlement agency that they need another 30 days, he is NOW refusing to go to settlement at all. The settlement agency tells us that the title is clear. Our buyer agent, gave them our proposal to settle at the end of March and informed them that they have to pay us damages ($4917) because that is what the mortgage broker informs us is the cost to us to continue to have the rate (5.0%) which was in effect if we closed on the date the purchase contract provided. We would have been more flexibile, but the seller hasn't been forthcoming with any information. I can't say for certain, but the seller, who is a developer, has several million dollars of properties for sale on the market at this time - so I don't believe it is a short-sale. We'd like to just walk away from the contract , officially terminate it and sue for damages. However, we're two active duty military members living in Germany and don't have the time off from duty to go back to the area and do the house search, offer, counter-offer, contract, inspect, appraisal, etc. actions again before our change of station. And yes, we have an attorney and will file for specific performance, damages and Lis Pendens. The contract provides that if a law suit is entered, the prevailing party is entitled to reasonable legal fees. In the end, the seller has to expect to be found in default and is accumulating more damages and legal fees. Perhaps, a better questions is: what would be a logical explanation for this seller not to settle or remedy his default?
The contract provides for "on or before 27 Feb 2009.
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Can the Seller just not go to settlement?
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