How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Barrister Your Own Question

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 24530
Experience:  14 years real estate, Realtor. Landlord 24+ years
19958803
Type Your Real Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

I have a signed contract with a buyer on a house in Dayton,

Resolved Question:

I have a signed contract with a buyer on a house in Dayton, Ohio. The first contract was signed April 23 and I am still waiting for them to complete their lending paperwork. We were originally suppose to close May 30, but a week out they admitted they had done nothing with lending because the house purchase price was $138,000 and they needed it (as they had discovered after the fact) to be at least $144K plus for him to get his full va loan. We subsequently agreed that I would return $5,000 to him at closing for repairs and he would pay $1,100 more as both realtors feel certain the house will appriase for more than $144K. But the buyers and their realtor are still dragging their feet and my house is tied up and I have lost so much time and expense (additional mortgage payments, landscaping contractor). They have broken the contract time and again, but I now feel like I have too much invested to turn back. Can they legallu be looking at other houses while my house is locked up?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
.
Can they legallu be looking at other houses while my house is locked up?
.
Yes, although it would not be a good idea to do so with a deal still pending, there would not be anything that would prevent them from looking at other properties while waiting on this deal to either close or fall through.
.
With that said, the buyer has a duty to act in good faith to attempt to obtain financing to complete the purchase. If they are just dragging their heels waiting for the closing date to pass or for you to terminate the contract, then you would have grounds to sue them for breach of contract and try to keep any earnest money.
.

.

.

Thanks.

Barrister

.

.

If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Customer: replied 1 year ago.

They refused to make anything but $500 of their $1K earnest money non-refundable. It seems so unfair that I can end up getting almost totally stiffed after all this time. What about this I found on another website.


Specific performance



If the buyer breaches the contract, the seller may resort to a lawsuit for specific performance. Essentially, specific performance means a court will force someone to go through with whatever he or she promised to do.





"If you signed up to buy a house for $620,000, all conditions are met and you are just not going to buy it, the seller can say, 'No, you are going to buy it for $620,000' and get a court order for you to pay the $620,000. That's called specific performance," Cammarosano explains.





This type of lawsuit is rare, perhaps because sellers realize the buyer may not have $620,000, to use Cammarosano's example. But if the seller can't find another buyer and believes the one who breached the contract can complete the purchase, specific performance may be ordered.


Customer: replied 1 year ago.

Did you get my follow up question?

Expert:  Barrister replied 1 year ago.
That is correct that you could sue for specific performance if they are approved for financing and are just trying to back out of the transaction. But if they are turned down by their bank for the loan, then if there is a financing contingency in the contract (and there likely is) then specific performance wouldn't work. They have a good faith duty to pursue financing until they receive a decision one way or the other. They couldn't back out just because the house wasn't priced high enough.
.
However, if they have acted in bad faith in trying to obtain financing by not actively pursuing it, then you can sue them for breach of contract and seek both compensatory damages that you can prove as well as punitive damages to punish the buyer for their actions.
.

.

.

Thanks.

Barrister

.

.

If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 24530
Experience: 14 years real estate, Realtor. Landlord 24+ years
Barrister and 12 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you. Appreciate the help

Expert:  Barrister replied 1 year ago.
You are very welcome. Hope I helped a bit.
.
.
Thanks
Barrister

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    6227
    20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    4966
    13 years real estate, Realtor. Landlord 24+ years
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    4446
    I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg Ray's Avatar

    Ray

    Lawyer

    Satisfied Customers:

    4030
    Texas Attorney for 29 years dealing in real estate
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Lawyer

    Satisfied Customers:

    2377
    12+ yrs. of experience including real estate law.
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    2355
    B.A.; M.B.A.; J.D.
 
 
 

Related Real Estate Law Questions

Chat Now With A Real Estate Lawyer
Barrister
Barrister
Attorney/Landlord/Realtor
6528 Satisfied Customers
14 years real estate, Realtor. Landlord 24+ years