Posted by Sparks on October 10, 2008 at 12:59:54:
Madge,
IMHO, you’ve been given two very good options: Option A from Natalie is to file a lis pendens, etc, whereas Option B as suggested by Tye is to take your money and go shopping for another and probably cheaper property.
So, with two viable options, you have choices. That’s not a bad place to be in this market.
But here’s my take. If you really want the house and are happy with the price, pursue Option A and that’s that!
On the other hand, if you are equally happy pursuing either option consider this. You didn’t say what state you are in but here in my state (Texas) the homeowner who has backed out of the deal, having been presented with a qualified buyer (YOU) and having signed a P+S agreement, would still owe the brokers/agents involved their full commission.
So, check with your broker/agent to see if they are planning on taking action against the seller to receive their commission. And, if not, why not?
The answer to this question should at least provide you with some information and intelligence on how they view this deal and whether there is any behind-the-scenes monkey business going on.
Now, if Option B is your choice, you might have your agent/broker quietly pass back some “inside info” to the homeowner that you are prepared to sue for specific performance, but will agree to tear up the contract in return for the paltry sum of $X,XXX as liquidated damages to cover your out-of-pocket expenses of X, Y, + Z, etc. (Of course, you must first look to your P+S Agreement to see if the subject of liquidated damages is already addressed.)
It’s good to have choices in this market! Take a quick survey of your local market and decide what works best for you.
Best of luck with whatever you decide.
Sparks