Q: what damages can seller of home sue for if buyer breaches contract? Can seller keep home as pending on MLS?
Buyer terminated contract said appraisal didn't meet. They were ask to provide appraisal and said their Atty. said they were not obligated to do so. They are asking for earnest money back. What damages can I sue for and can I keep house pending on MLS and for how long?
A: If there is a dispute about earnest money, then it must be held until buyer and seller reach agreement, or a court says what to do with it. If nothing happens in 2 years, then the earnest money is returned to the buyer. In a lawsuit for breach of contract, seller's damages could be the reduction in sale price in a sale to another buyer plus other costs incurred. Have your attorney speak to buyer's attorney. If you don't have an attorney for the sale, then since this issue has arisen and you are contemplating a lawsuit, use the Find a Lawyer tab to retain a local real estate attorney who can review the specific requirements of your purchase contract, determine what is or isn't required of buyer, and advise you of your options. Don't rely on whatever your real estate agent says.
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