I need help. I am emotional exhausted. I recently sold my home in Cape Coral Florida for $168,000. I am Canadian and the tanking dollar was too much of concern. I took out $100 US and it cost me $150 Canadian. So I freaked. I decided I had to sell my vacation home. It was sold in 1 day! That makes me think that the real estate agent knew it was worth more.
After a few days I had seller's remorse. I contacted the agent in tears and she assured me she would contact the buyer to see if they would back out if I paid their expenses that they had incurred...inspection of the house and termite inspection. The answer was no and they would sue if I tried to get out of the binding contract
The buyers had put a $1,000 deposit on the house ( less than 1%) and were allowed 45 days to get a loan
. In Canada one has 72 hours to get loan and so I was not aware that I would have to wait so long. As well, the offer was pending and so no others were permitted to view the house, in the event that the buyers were not able to get their loan. This is prime season and I find that this is too long a time, if we wanted to sell to someone else.
I realize US law is different from Canadian law and I respect the 45 day contract. Having said that, we signed when our dollar was 68 cents and it is now up to 73 cents so I have already lost a lot of money. Why such a long time to secure a loan?
The real estate agent did not explain the timeline to us and so I had no idea that we would have to wait until late March. ( The agent told us April 3rd but I argued with her and so she moved it to March 24th) The new owners take occupancy on April 15th and I found the time frame too short to make sure that the buyer had secured the loan, as we had to dispense of all our furniture.
So that is the background. My question is. If I back out of this "binding contract" what are my chances of keeping my home? What would the consequences of my "buyer remorse" be? I realize that I would have to refund them for their expenses but if they sued me, what are my chances of keeping my house and what is the maximum penalty I would have to pay? As well, would I have to pay their lawyer's fees? I must also mention that these people are renters
so did not have to sell their house in order to buy ours.
When we came down to Florida in January I was not feeling well. I had a bladder infection and so went to Urgent Care. The doctor put me on an antibiotic but the result was not positive. He then suggested and wrote a referral to a hospital to have a scan and further investigation. That is also part of the reason that prompted me to want to sell as medical expenses ( despite insurance
) could be costly.
Please let me know what my chances are in keeping my house. I am emotionally drained and do not want to proceed with any legal recourse if I am in the wrong and there is nothing that can be done.
Thank you for your prompt response.