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Buying or Selling a Home/breech of contract
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Question
hello,
my sister is selling her home. she has already closed on the offer made by the buyer. the buyer was supposed to close yesterday and didn't make the closing. she(my sister) cannot get any straight answers as to way the buyer didn't close. she keeps being told that the buyer states she will close when she wants and none will tell her when she will do this. my sisters real estate agent has told her that the buyer is in breech of contract. so my question is what are my sisters rights and what does this mean. everyday that the closing doesn't happen it coast my sister the interest on her home loan. what can she do. please help...............
thank
you
Dear Sandy;
If the contract is set up in such a way that the closing date is a 'hard and fast' date, then the only thing that your sister can do is to contact her attorney and threaten legal recourse. When the buyer does close there should be fees and penalties as per the contract provisions. If not, your sister will have to sue for these fees to be recovered. She should discuss this with her broker and if she is dissatisfied with the answers or lack thereof, she should call the managing broker to discuss what to do and how to proceed.
~Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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