Q: Can seller recoup any damages from buyer's agent or buyer, if agent failed to disclose certain items
Buyer and seller entered into agreement in early April and closing was to take place the end of April. The buyer's agent never disclosed that she was the buyer's daughter. The agreement was for a conventional loan with 5% down payment. The letter from the lender was for a conventional loan. At some point, the buyer switched to a renovation loan and this was never disclosed to the seller. The property did not close at the end of April but there was a clause that would allow a 10 extension for loan problems. The buyer signed a closing extension to May 10th with the 10 day extension again which means it should have closed no later than May 20th. The seller would never have accepted the contract had it been properly disclosed that it was a renovation loan instead of a conventional loan. Can she sue for damages?
A: You should sit down with a lawyer to review the actual contract with special attention to the financing paragraph. But, before spending too much time on that, make an outline with receipts for what damages were caused by the delay. Non-economic damages, like annoyance, pain, suffering, etc. don’t count. Did you lose enough that it’s worth your legal fees?
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