Posted by Natalie-VA on February 24, 2009 at 09:47:42:
I would add to Rich’s statements that the contract should state exactly what the buyers need to do if they can’t obtain financing. They might have to notify the seller in writing within a certain timeframe. Otherwise, they could be in default and lose their deposit.
–Natalie
property sale dispute - Posted by vito
Posted by vito on February 22, 2009 at 07:27:50:
property went into contract in june 08 for 345,000. in early october a bank denial for financing for buyer came back stating there was insufficient references therefore they were being rejected. At that point the sellers were willing to hold back financing but the buyers were confused because at this point the market started changing so the buyers took some time getting back to the sellers with an answer. When they finally answered, they came with a proposal of a lower purchase price. The sellers feel that since there was a signed contract that they should not have to renegotiate the price at this point. However, what happenes to the downpayment if both parties cannot be in agreement. Do the sellers have the right keep the total amount or partial amount of the downpayment? This whole process has been going on since june. The buyer has also changed attornys three times and every time it takes them weeks to get back to the sellers with any answers. Also recently the buyers are offerring cash for the sale of the house. What rights do the sellers have? Can they sue for the sale of the house? Can they sue for downpayment?