Zillow Advice: Home Buying - Can the Seller just not go to settlement?

you can sue for specific ...

Sat, 07 Mar 2009 17:11:00 GMT

you can sue for specific performance of the contract, plus all of your damages and expenses, such as rent, storage of your things, legal expenses etc. Get your agent to make your demands more forcefully to the sellers.

I had a transaction that ...

Sun, 08 Mar 2009 01:48:00 GMT

I had a transaction that was delayed for four months because the homeowner had failed to clear up title and land issues prior to listing the property. In the end my buyers got their storage fees covered (they were selling a home and had put stuff in storage) as well as the fees for keeping their loan locked the extra four months. This was all negotiated with the seller and the sellers agent, so there was no need for a lawyer, just alot of paperwork and waiting. It sounds like you and your attorney have done all that is possible to force the seller to perform on the contract. Other avenues to pursue (since this a home owned by a developer as opposed to a homeowner) would be to file a complaint with the state commerce department and the BBB in your area. The public shame just might dislodge that home.

NOW for the REST of the STORY: ...

Sat, 07 Mar 2009 18:42:00 GMT

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 last answer is correct-You ...

Sat, 07 Mar 2009 18:19:00 GMT

The last answer is correct-You can sue for specific performance provided that it's a private owner. If it's an REO then that's a different story. They would have an addendum which changes the contract for the most part. If there is some kind of mitigating factor such as a cloud on title and your contracts provide for that then that may cause an issue. Have your agent stir things up for you. Good luck and do a walkthrough before closing when you get things worked out.

I've heard of this situation ...

Sat, 07 Mar 2009 16:25:00 GMT

I've heard of this situation when the sellers aren't ready to move. Such as they are having a house built&it isn't quite finished or the builder didn't pass final inspections. Whatever the case, you still go to settlement as the contract states and then you can agree for them to rent the home from you for those 30 days or you don't agree, either way the ball is in your court not theirs. But it all depends on the contract.

The contract provides for ...

Sat, 07 Mar 2009 16:13:00 GMT

The contract provides for "on or before 27 Feb 2009.

What was the reason for the ...

Sat, 07 Mar 2009 13:11:00 GMT

What was the reason for the delay?

Does the contract state settlement&possession to be "on or before" or "on or about"?