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Buying or Selling a Home/Breach of Contract?
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Question
If a buyer who has agreed to accept $3,000.00 in needed repairs terminates a Contract to Purchase based on an estimate for more than $3,000.00 in repairs for what was found necessary in the home inspection, and the seller, having signed the Termination of Contract the day they received it while in a state of distress due to the amount and description of damage and a great concern for their safety in their home, later receives an estimate that is 96% lower ($24,000.00 lower for repairs found necessary in home inspection) and $2,000 less than the buyer had agreed to accept in repairs, does the seller have any legal right to have the original Termination of Contract voided and the Original Contract be re-instated? To a reasonable person would this, in the eyes of the law, appear to be using an inflated estimate to quit a contract they no longer wanted to complete for reasons other than the repairs needed? The person who gave the $1,000.00 estimate was never informed of the first, $25,000.00, estimate and was just asked to address the items found in the home inspection. Is there any legal recourse for a situation like this? Thank you for your time!
Based on your question, the buyer had to give the seller a termination of contract, seller signs its a moot point, it is over, if it has been conveyed and or delivered. This is my opinion. I suggest you consult a real estate attorney for further consultant.
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- Dick Dennis
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Marvin G. Bobbitt, III
Expertise
Can answer questions about Real Estate in North Carolina. Professional Real Estate Broker,REALTOR Residential Real Estate,Professional Advising,Commercial Real Estate, Estates, Issues regarding real estate and the County Tax system,Bank owned properties, REO/Foreclosures and Investment properties,New homes & re-sale home sales,Management of Investment properties,1031 tax deferred exchanges, Profit enhancement within investments,Investment property advisor,North Carolina agency and required forms and disclosure.
Experience
Have 20+ years Professional experience.Experianced in property estates and real estate transactions primarly in the Durham,RTP,North Carolina area.Residential Real Estate, Professional Advising,Commercial Real Estate, Estates, My experience covers a vast range of real estate services.Due to my personal training by Frank Ward for over 20+ years everyday.In residential,commercial,sales and leases, I have had the opportunity to work and learn with some of the best in the business. Estates have become a specialty to me, including the personal property side of things and how to handle things and what to do with what you got.Hire me and forget about it..
Organizations
Active Member of the Durham Association of REALTORS.
Past BOD for Durham Regional Association of REALTORS.
Active Member of North Carolina Association of REALTORS.
Active Member of the National Association of REALTORS.
Active Member of Triangle Multiple Listing Service.
Past member Durham Jaycees, Durham Sales and Marketing and Durham Rotary Club.
Publications
Durham Herald
Education/Credentials
Graduate; Durham Public Schools
Graduate; North Carolina Central University.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Completion of the following North Carolina Real Estate Courses.
North Carolina Real Estate School Fundamentals.
North Carolina Real Estate Broker Classes.
Completes Continuing Education classes annually as directed by the State of North Carolina Real Estate Commission.
Completion of the following North Carolina Appraisal Courses.
R-1 Real Estate Appraisal.
R-2 Valuation & Principles & Procedures.
R-3 Applied Residential Property Valuation.
G-1 Income Property Appraisal & Valuation.
Completion of Notary Public Classes for the State Of North Carolina.
Active Notary Public for Durham City/County, North Carolina. Active until; 06/16/2015
Awards and Honors
20+ YEARS EVERYDAY PERSONAL TRAINING BY;FRANK WARD.
Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable
Archie L.Smith, III, Durham County NC.
Past/Present Clients
Given upon request
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