Comments on: Does A Real Estate Contract Really Matter? http://www.realestateradiousa.com/2009/03/27/does-a-real-estate-contract-really-matter/ Mon, 09 Jan 2012 18:23:19 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Barry Cunningham http://www.realestateradiousa.com/2009/03/27/does-a-real-estate-contract-really-matter/comment-page-1/#comment-10107 Barry Cunningham Fri, 13 Aug 2010 16:26:36 +0000 http://www.realestateradiousa.com/blog/?p=12322#comment-10107 Hi Kim, thanks for stopping by and for your comment. ...what a mess! Let me first say that I am not an attorney and that you should seek out your own legal counsel. With that out of the way, my "opinion" is that you do may have an actionable issue. Check out the Failure To Perform clause of your contract. You can see what it speaks to regarding specific performance and potential remedies. Quick question... were either of you represented by a Realtor? You see here's the pickle. While anybody can sue anybody, what's your objective? I think the most you would get IF you prevailed would be the amount of the deposit and possibly some attorney's fees...maybe a year down the road. Does that really help you? While it's a bitter pill to swallow if I were you I would chalk it up to experience learned and spend your efforts re-marketing your home and getting it sold. Oh..and get a good real estate attorney to represent you on your next contract. Hi Kim, thanks for stopping by and for your comment.

…what a mess! Let me first say that I am not an attorney and that you should seek out your own legal counsel.

With that out of the way, my “opinion” is that you do may have an actionable issue. Check out the Failure To Perform clause of your contract. You can see what it speaks to regarding specific performance and potential remedies. Quick question… were either of you represented by a Realtor?

You see here’s the pickle. While anybody can sue anybody, what’s your objective? I think the most you would get IF you prevailed would be the amount of the deposit and possibly some attorney’s fees…maybe a year down the road. Does that really help you?

While it’s a bitter pill to swallow if I were you I would chalk it up to experience learned and spend your efforts re-marketing your home and getting it sold. Oh..and get a good real estate attorney to represent you on your next contract.

]]> By: kim http://www.realestateradiousa.com/2009/03/27/does-a-real-estate-contract-really-matter/comment-page-1/#comment-10087 kim Fri, 13 Aug 2010 12:34:59 +0000 http://www.realestateradiousa.com/blog/?p=12322#comment-10087 I live in Florida and had a signed Fl As is Far/Bar contract on my home. Both parties agreed to a price and signed. The man was from out of town and we were waiting for his escrow to be met. In the mean time. The buyer hired an inspector and had our home inspected at his cost.The inspection came out perfect. Well, the buyer never wired the escrow money.He kept telling everyone that the money was wired but the time period on the contract expired. Still, the buyer never gave up an explanation. I was so inconvenienced...Is there any legal action I could take? If anyone knows please comment. Thanks kim I live in Florida and had a signed Fl As is Far/Bar contract on my home. Both parties agreed to a price and signed. The man was from out of town and we were waiting for his escrow to be met. In the mean time. The buyer hired an inspector and had our home inspected at his cost.The inspection came out perfect. Well, the buyer never wired the escrow money.He kept telling everyone that the money was wired but the time period on the contract expired. Still, the buyer never gave up an explanation. I was so inconvenienced…Is there any legal action I could take? If anyone knows please comment. Thanks kim

]]> By: Barry Cunningham http://www.realestateradiousa.com/2009/03/27/does-a-real-estate-contract-really-matter/comment-page-1/#comment-8672 Barry Cunningham Thu, 01 Jul 2010 13:29:17 +0000 http://www.realestateradiousa.com/blog/?p=12322#comment-8672 Hi Margaret, thanks for stopping by and thanks for your comment. I have not read your contract but what I do know from your comment is that you signed one. Unfortunately there is a lot of small print in a real estate contract and a bunch of legaleses that even a lot of realtors don't really undeerstand. However, once you sign one you're pretty much toast if you go agaisnt the terms therein. If you have any recourse it would be based on the laws of your state and whatever clauses an attorney can stand on in your favor. That's why if you ever sign a contract, it's really important to have an attorney...not a realtor....not ever a realtor...but an attorney look it over and advise you. Oh and one other thing, NEVER take what anyone says as their word. Unfortunately as many are finding out all too often in real estate transactions...if it ain't written down...then it was never said. Funny how a lot of people in the real estate biz have really bad memories. Hi Margaret, thanks for stopping by and thanks for your comment.

I have not read your contract but what I do know from your comment is that you signed one. Unfortunately there is a lot of small print in a real estate contract and a bunch of legaleses that even a lot of realtors don’t really undeerstand. However, once you sign one you’re pretty much toast if you go agaisnt the terms therein. If you have any recourse it would be based on the laws of your state and whatever clauses an attorney can stand on in your favor.

That’s why if you ever sign a contract, it’s really important to have an attorney…not a realtor….not ever a realtor…but an attorney look it over and advise you.

Oh and one other thing, NEVER take what anyone says as their word. Unfortunately as many are finding out all too often in real estate transactions…if it ain’t written down…then it was never said. Funny how a lot of people in the real estate biz have really bad memories.

]]> By: Margaret from california http://www.realestateradiousa.com/2009/03/27/does-a-real-estate-contract-really-matter/comment-page-1/#comment-8670 Margaret from california Thu, 01 Jul 2010 08:04:36 +0000 http://www.realestateradiousa.com/blog/?p=12322#comment-8670 Who made the "liquid damages clause?" And why is it o.k. for a seller to keep your deposit for "LIQUID damages:\" when the buyer cancels due to the bank ordering a second appraisal and it comes in almost $20,000 less than our offer?? The bank will only loan on the appraised amount and the seller won't go down in price. We had no choice but to pull out and we are out $10,000 plus two appraisals at $500/each plus the $8,000 first time home buyer incentive plus $400/flood certificate and hundreds of dollars that the lender needed before closing. How can he think he lost out?? We were told by escrow that our money was being held by them until we both agreed on the deposit. Well, he sold that property 2 months ago. Isn't that against the law????? Who made the “liquid damages clause?” And why is it o.k. for a seller to keep your deposit for “LIQUID damages:\” when the buyer cancels due to the bank ordering a second appraisal and it comes in almost $20,000 less than our offer?? The bank will only loan on the appraised amount and the seller won’t go down in price. We had no choice but to pull out and we are out $10,000 plus
two appraisals at $500/each plus the $8,000 first time home buyer incentive plus $400/flood certificate and hundreds of dollars that the lender needed before closing. How can he think he lost out?? We were told by escrow that our money was being held by them until we both agreed on the deposit. Well, he sold that property 2 months ago. Isn’t that against the law?????

]]> By: Christian http://www.realestateradiousa.com/2009/03/27/does-a-real-estate-contract-really-matter/comment-page-1/#comment-4190 Christian Sat, 04 Apr 2009 16:41:07 +0000 http://www.realestateradiousa.com/blog/?p=12322#comment-4190 I agree the "we have multiple offers...." thing is over used. Thing is, sometimes it's true. While conveying this news to a bidding buyer, how do you suggest saying it? Fact is, if there's multiple offers, they need to be told, and buyers NEVER believe it. they always think it's a scam. And rightfully so. I'm a cynical dude when it comes to negotiating deals, but this ALSO causes buyers to lose a home over $5k a lot, and it's $5k they would have gladly paid. they just didn't cater to the "we have multiple offers..." plea, so they lost the home they could have and should have bought. The thing that sucks about primary residential purchases is that you just cannot buy based on price alone. If you ignore the emotional aspect, you're ignoring the *real* reason the person is making the purchase to begin with. A difficult balance, if not impossible. I agree the “we have multiple offers….” thing is over used. Thing is, sometimes it’s true. While conveying this news to a bidding buyer, how do you suggest saying it? Fact is, if there’s multiple offers, they need to be told, and buyers NEVER believe it. they always think it’s a scam. And rightfully so. I’m a cynical dude when it comes to negotiating deals, but this ALSO causes buyers to lose a home over $5k a lot, and it’s $5k they would have gladly paid. they just didn’t cater to the “we have multiple offers…” plea, so they lost the home they could have and should have bought.

The thing that sucks about primary residential purchases is that you just cannot buy based on price alone. If you ignore the emotional aspect, you’re ignoring the *real* reason the person is making the purchase to begin with. A difficult balance, if not impossible.

]]>