Q: What can I go for as far as damages when a seller fully breaches a contract for a home sale?
Sellers home loan fell through on their home purchase, however, our contract to buy had no contingency about the seller purchasing a home. We were unaware they were waiting to purchase one. Seller did not show up to closing, and informed us just an hour before our final walk through they were unable to get their own loan. We’ve invested an inspection cost, multiple trips to the property, lost wages, and are now unable to purchase another property at the same price due to the drastic difference in interest rate.
Seller has not informed us they cannot move, we found out when our request to transfer internet service was cancelled and we received a call from the internet company stating the buyers aren’t moving and need to reinstate service. We did the transfer request two business days prior to closing, to ensure there was no interruption to service when we moved in 4 days after. We packed a house, have to pay another rent, and they threatened violence on us if we showed to walkthru.
Depending on the terms of your Purchase and Sale Agreement, and assuming the sellers have breached that Agreement, you have two general options to consider pursuing, which are mutually exclusive. First, you can seek the return of your earnest money deposit. Additionally, you can seek money damages for the sellers' breach, including fees and costs you paid when working through the sale of the property. Second, you can sue the sellers for specific performance, in an effort to compel them to sell the property to you at the contract price.
I encourage you to seek legal advice from an experienced real estate attorney. My partner and I regularly handle matters such as this.
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