Any Realtors on the board? Need Advice - 11/25/15 01:56 PM
We just went into escrow on a house a month ago and got a pretty good deal on the price. I get the feeling that they didn't really want to go that low, but they didn't have any other buyers at the time so they took it.
However, since then, they have dragged their feet about getting any paperwork turned over to us. We finally got the majority of the contracts and such a few weeks after they agreed to the price, with the exception of one document the lender needed. We went ahead and paid for appraisals and inspections, but now we're to the point where we need this last document or we can't proceed. We've already threatened to pull out of the sale, but they don't seem to really care that much.
My question is, does the buyer have any recourse for a situation like this? We had to put up several thousand dollars in a deposit so we can't back out of the deal, but the seller seems like they can do whatever they want if they decide they don't want to sell after agreeing to it. We should get our deposit back because of the loan contingency, but we're still out the few hundred dollars we spent for inspections. Our realtor doesn't seem to think that we can do anything other than threaten to leave the deal. Is there anything else we can do?
However, since then, they have dragged their feet about getting any paperwork turned over to us. We finally got the majority of the contracts and such a few weeks after they agreed to the price, with the exception of one document the lender needed. We went ahead and paid for appraisals and inspections, but now we're to the point where we need this last document or we can't proceed. We've already threatened to pull out of the sale, but they don't seem to really care that much.
My question is, does the buyer have any recourse for a situation like this? We had to put up several thousand dollars in a deposit so we can't back out of the deal, but the seller seems like they can do whatever they want if they decide they don't want to sell after agreeing to it. We should get our deposit back because of the loan contingency, but we're still out the few hundred dollars we spent for inspections. Our realtor doesn't seem to think that we can do anything other than threaten to leave the deal. Is there anything else we can do?