If you’ve been following the saga of The Poor House, here’s the next chapter…
After telling his agent that he would meet with her to discuss getting the purchase back on track, the buyer again stopped returning her phone calls. As somewhat of a friend to the buyer, she even went to his house to talk to him, but he wouldn’t let her in.
Ultimately, at this point, the deal is dead, and we’ll be putting the house back on the market…
But, that’s not the end of the story!
Apparently, the buyer’s agent is so angry about the fact that her buyer refused to go through with the deal at the last minute, she is planning to sue him for her share of the commission (about $5000). For those who aren’t familiar with real estate law, the Purchase & Sale agreement provides for the agents to go after their commission if the buyer doesn’t act in good faith when trying to close the transaction.
I’m fairly certain that her main goal is to scare the buyer into actually closing on the property, but I’m also fairly certain that she’ll be happy to follow-through on the suit if she has to. In fact, the agent is so adamant about getting the buyer to live up to his agreement that she has convinced my wife (and me as well) that we should be suing the buyer as well, for both my wife’s half of the commission (about $4000) and our lost income due to the sale not going through.
We’ve probably had about two dozen or more contracts fall through in the past 18 months, but this is the first time I’ve ever really been so pissed at the buyer that I’m willing to go through with a lawsuit. Generally, contracts fall through because the buyer isn’t in a financial position to go through with the deal or because some outside circumstances affect the transaction. In this case, the buyer just changed his mind at the last minute, and won’t even return phone calls to discuss the situation.
In addition, we’ve already moved all the staging furniture out of the property (to Staging Project #3), so now we have to go purchase an entire set of new furniture and re-stage the property — a process that will likely take another two days or our time and effort. This just adds to my anger and frustration.
I’m not sure that we actually will go through with a lawsuit, but my wife spoke with her broker today who said that she believes we have a good case, and that the broker would support our speaking with the attorney the brokerage is affiliated with. So, my wife plans to speak with the attorney tomorrow, and we’ll go from there.
I’ll let you know what happens…