 Please can someone explain the difference between investment property and property for sale.? |
| Very often I am seeing Investment property seperate from houses for sale also on some real estate sites i am seeing no investment property allowed ? Please ... |
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 Should I offer less on a forclosed home? |
| There is this home I like and it is forclosed. But it has only been on the market 2 days. It is listed at $129,999.00 and I am sure it is well worth that much. My realtor said that since it's ... |
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 The best loan for first time home buyer with bad credit? |
| can anyone tell me the best loans out there for first time home buyer with bad credit 500-586?... |
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 The lease to my apartment...? |
| My husband and I are supposed to be renting an apartment starting this weekend..but, we have recently got separated and he still wants to take the apartment. Do you know of any forms that would make ... |
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 Should I Leave? |
| I'm living at home right now, but I really want to get my own place. Would it be foolish to move out now, when I could stay at home for a few more years and save money? I feel so childish when I ... |
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 What do you think of this offer? |
| My husband and I have been saving hard for a house deposit. Yesterday hubby's older brother offered to buy a house with us! Not for him to live in, for us to live in. He's 32years old, ... |
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 Can I get a reasonable home loan w/ very poor credit? |
| I got into trouble a few years back and since has paid off my debt however my credit is barely over 500--what do you think?... |
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 Im due for 2 months on my mortgage, can they refuse a payment? |
| I can only make one payment, can they refuse payments unless it's in full?... |
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 Should my landlord (agency) tell me the intentions of the owner before i signed the contract? |
| 3 months ago i moved into my property i was told when i viewed the house that i would be there for years and i clarified this as i have a 2 year old and pregnant, the agency said that i would. So i ... |
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 Is there a way to get out of a mortgage I cosigned with a friend? |
| He dosent work and hasnt been very good with his bills, I did not really put any money into the house and i just want out to save my credit.... |
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 I sold a house on 8/31/2007. I didn't pay the mortgage that month. How would this affect my credit? |
| The bank sent a note of one unpaid monthly payment to the credit bureau. How would this affect my credit?... |
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 Would I qualify for a 300,000 mortgage loan ? |
| This is my situation my husband and I have two small children for which for the past two years I made very little; and my husband is self-employed. We made a combined 39,000 2006 and 36,000 2007. We ... |
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 Why should I hire a realtor? |
| I feel that all of the realtors I have used over the last 35 years/8 houses have only been concerned for themselves. The last 2 houses I bought from owner. Can anyone change my mind that realtors are ... |
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 I'm buying my first home. Do I really need a lawyer? |
| I think I can figure it out on my own. Is a dual agent enough?... |
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 How could listing my home at a higher commission rate benefit me? |
1. I could raise the selling price higher
2. It will attract more realtors to show the house and could cause it to sell more quickly
3.It will attract more buyers to drive ... |
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 What is a foreclosed home? |
how do foreclosed homes work? Do i pay what is owed against them or so i just purchase it for a super low price?
Additional Details
So a Foreclosed home is not bought at an auction?... |
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yojo | Is anyone responsible when a real estate deal falls through causing hardships for seller? |
I'm selling my house. It had a contract on it. The buyers gave a $250 ernest check. One of the deals was that I have everything moved out by the closing day which meant I had to find another place to rent quickly. The day before it was to close their check bounced and they couldn't come up with the cash to cover it. The deal ended up falling through. Now I am renting a place that I don't even need to have plus all of the deposits I had to put down plus I still have my house and all the payments that go with it. Basically I'm paying for both places and all the expenses that go with it when I could still be in my house. Can anyone be held accountable or is there a way I could be reinbursed for my expenses? |
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Tray
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Next time you accept an offer make sure the earnest deposit is enough to cover any expenses that you would need to if the deal falls threw.
I don't think that there is anything you can do about the situation your in now. |
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Real Estate Guy
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a 250 earnest deposit is a joke - as you have seen.
We require 25,000 to build a home and at least 5,000 on a finished home ready to settle. |
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Mr Placid
 |
The answer to your question is dependent on the answer to the following two questions:
1. What were the terms of your agreement with the buyer. (In other words, what was in the contract)
2. Why did the deal fall through?
Without knowing these, any answer to your question will be a pure guess. |
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Bank4You
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A contract on a house is just that a LEGAL binding contract. Most real estate contracts have "out clauses" in them giving either party a chance to break the contract if things don't work out such as securing financing,satisfactory home inspection, appraisal etc. However, these stipulations usually have time frames and I highly doubt that the contract had a provision for writing a bad check. The would be buyer should be held accountable and you would probably have to file a civil suit most likely in small claims court depending on the cost of the financial "damages". |
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Spock (rhp)
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read the law in your nation/province/state. [use google/yahoo to find it "location law real property breach"]
some allow a suit for this sort of thing, others do not.
***
effectively, however, you can't get blood out of a stone and if their earnest check bounced -- they're stone broke or the next thing to it. |
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irishbarfight
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Sorry to say this, but there is nothing that can be done. The only person who actually loses something is the buyer, because they backed out of the contract....so any earnest money they put down will be lost. I have to ask, though...the $250 just sounds like a "binder deposit" to hold the offer. If you went all the way to signing a contract, there should have been a down payment being held in escrow by your attorney. If no money was put down..how on earth were you allowed to move forward with the contract?
If the SELLER is the one that backs out of a signed contract (not the case here, but just putting the info out there) the seller is responsible for paying commissions to their broker, and the buyer's broker (if there is one). When a client is produced, and a contract is signed, the "job is done" (for lack of a better phrase) and the commissions are due. Again, this is not the case with you. You owe nothing, but the ex-buyer loses their earnest money.
In the future, REQUIRE that ANY buyer's brought to even see your property be pre-approved, and ask to see that proof. You shouldn't have to deal with buyers that, in all honesty, can't afford to buy. |
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src50
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Nope. They forfeit the earnest money - that is all. |
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Hopeful Home Solutions
 |
I don't believe any real estate lawyer worth anything should have let you sign a contract like that! Also, $250 sounds more like a real estate binder that you give when you make an offer on the house. The earnest deposit is usally thousands of dollars.
I would sit down and discuss this with your lawyer who handled the transaction. Tell them they need to go after these deadbeats at their own costs, as this almost sounds like negligence on their end. If they don't cooperate, talk to your local bar association to see what can be done.
Good luck. |
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Tim W
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You could always try and sue for specific performance but it will cost you in time and legal fees. Best bet - Stop crying over spilled milk and go milk another cow. Now that you've been to that seminar, next time get more earnest money and have it put in escrow with the contract in the title company.
Good Luck. |
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