QUESTION
put house for sale. buyer put deposit in escrow. defaulted on contract and backed out of sale. New buyers put deposit. Can't sell
Asked on Jun 13th, 2017 on Real Estate - New York
More details to this question:
House put up for sale 2016 in Brooklyn, NY. First buyer put down deposit in escrow but defaulted on contract. Could not come up with money for purchase. Contract stated that escrow would be defaulted. 2nd buyer put up deposit in escrow a year later. First buyer decided they wanted deposit back therefore holding up the purchase of the home for 2nd prospective buyer, because real estate lawyer for seller thought it should go to court. This was about 8 months ago. Everytime a final court date is given there is an excuse, causing seller to lose out on 2 homes that they were considering buying and of course delaying the sale to 2nd buyer. It is June 2017. Yesterday 6/12/17 was last court date. Nobody even called the seller. I am NOT the seller but she is close to a breakdown and won't do another thing. Is there any recours?
2 ANSWERS
1 Award
I do not understand your relationship to the transaction. There are two people willing to close. Close with one of them. If you have the second buyer, just return the deposit from the first buyer and close with the second. What is the issue?
Answered on Jun 16th, 2017 at 11:48 AM
Civil Rights Law Attorney serving Rockville Centre, NY
Partner at
Lori Nevias, Attorney at Law
1 Award
There is absolutely no reason a dispute over an escrow deposit should hold up the sale of this house. The first buyer wants the deposit back- not the house. The second buyer wants the house. There is no conflict, and the sale should proceed. Something is very wrong here. It can only be sorted out by reviewing the contract for sale and the summons and complaint in the lawsuit over the contract deposit.
Answered on Jun 15th, 2017 at 6:59 PM