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Not a lawyer. Not giving legal advice. Consult your attorney for all legal options.
The cheapest option may be to negotiate keeping a percentage of the EM and move on and sell to someone else. If it goes to court, the $8,000 will get eaten up by the attorneys in about 20 minutes. Not saying this would be emotionally satisfying, but the lemons have been delivered and it's time to make lemmonade. Maybe they'll agree to give you $5,000 for your trouble, and they at least get $3,000 back without a fight and a court date.
I would hate the buyers and want to destroy their lives, for about 10 minutes. But then, Reason has to come into the picture to solve the new problem. And the problem is you want to sell and close, not contract with a make-up professional for your appearence on Judge Judy.
Before you knock a good program, it would be advisable to get your facts straight.
Fact: the aim and stated objective of Lawyer Referral Services is to provide a low cost initial consultation with a lawyer IN THE AREA OF EXPERTISE REQUIRED. Read it. Pick a city, state or county and look up LRS. In Nevada, it's the state bar and it's called the Lawyer Referral & Information Service and it's easy to request an attorney with specific area of expertise. Lawyer Referral & Information Service | State Bar Of Nevada
Fact: Legal Aid's purview is not within the scope of this thread. Look up Legal Aid.
Fact: The advice I gave is neither classic nor bad. The OP should at least have an initial consultation with a real estate lawyer. Whether the OP chooses to hire a lawyer should at least be based on the advice given by a lawyer.
It is a perfectly reasonable program. It will not get you a consultation with a good RE Lawyer. IN fact the web site fails to mention RE law. Think that was an oversight?
LRIS is about as appropriate as Legal Aid. These are grown folk with money having a dispute. No free rides.
And yes any number of lawyers will freely answer simple questions. However that is a shallow thing. If you want them to actually look at the documents and advise what to do it gets much more expensive.
It is a perfectly reasonable program. It will not get you a consultation with a good RE Lawyer. IN fact the web site fails to mention RE law. Think that was an oversight?
Oversight? The only oversight was your inability to read the information at the website. If you can read, the website clearly only lists areas A through C and at the bottom is a link that reads "View All Areas" where the R's are located on the right hand column 2/3 of the way down the page. Ah yes, there it is, Real Estate. Plain as can be.
When I worked as a paralegal, at the beginning of the LRS programs in the country, the lawyers giving their time to this program were equally as likely to be experts in their field as well as those with fewer years. One of my good friends who gave freely of his time to this program had as many initial consultations with clients from LRS as he did from other referrals. He was an expert in the field, published and revered by his peers.
Just as I would choose to listen to many of the agents who have given of their knowledge in this thread, I would also respect the advice of many of the lawyers in LRS and LRIS programs around the country.
If you were going to sue for specific performance, it makes sense that you could not then have the house available for sale to someone else...you need to keep it available to the buyer you are forcing to take it.
Perhaps you RE agent was referring to that premise.(giving him/her a big benefit of doubt)
Oversight? The only oversight was your inability to read the information at the website. If you can read, the website clearly only lists areas A through C and at the bottom is a link that reads "View All Areas" where the R's are located on the right hand column 2/3 of the way down the page. Ah yes, there it is, Real Estate. Plain as can be.
When I worked as a paralegal, at the beginning of the LRS programs in the country, the lawyers giving their time to this program were equally as likely to be experts in their field as well as those with fewer years. One of my good friends who gave freely of his time to this program had as many initial consultations with clients from LRS as he did from other referrals. He was an expert in the field, published and revered by his peers.
Just as I would choose to listen to many of the agents who have given of their knowledge in this thread, I would also respect the advice of many of the lawyers in LRS and LRIS programs around the country.
Not on my browser. Apparently the other pages are not accessible. Went back to IE and could see them.
The qualifications required are to be licensed in Nevada and able to check a block in the RE law section of the application. They are assigned by rotation. That would not be the highest quality process to find a good RE Attorney. One hopes that they do self select...but I would not want to count on it.
Not a lawyer. Not giving legal advice. Consult your attorney for all legal options.
The cheapest option may be to negotiate keeping a percentage of the EM and move on and sell to someone else. If it goes to court, the $8,000 will get eaten up by the attorneys in about 20 minutes. Not saying this would be emotionally satisfying, but the lemons have been delivered and it's time to make lemmonade. Maybe they'll agree to give you $5,000 for your trouble, and they at least get $3,000 back without a fight and a court date.
I would hate the buyers and want to destroy their lives, for about 10 minutes. But then, Reason has to come into the picture to solve the new problem. And the problem is you want to sell and close, not contract with a make-up professional for your appearence on Judge Judy.
Do you know of any seller(s) who got the escrow money from the buyer after the buyer bailed out?
If so, how did it all work out?
My sellers have gotten the earnest money three times in my 9 years as an agent. If the buyer breaches I encourage my sellers to get what is theirs. They've gotten each time. As you can though, it doesn't happen very often. Most of the time, the buyers have legitimate outs in a contract.
This happened to us in Missouri. Our house was on the market. We got a contract. All contingencies were satisfied. Three days from closing the buyer knocked on my door and told me he had decided not to buy the house. I told him that we had a contract on our dream home that was contingent on our house selling. We had to purchase our house in a very specific time frame. I informed him that his contract had taken us off the market and that I had only 10 days to sell my house. I got his earnest money and sold my house in time to buy the other house. I think his agent educated him on his liability for non performance.
Stop Taking Your Legal Advice From A Real Estate Agent!
Get a lawyer to send them a strongly worded letter about specific performance and damages from breaking a contract. That will most likely tune them up and it will be the end of the issue.
I do so love a strongly worded letter. While I agree that in legal disputes a lawyer is also wise but you should understand that while a REA isn't a lawyer they should be able to interpret the contract, clarify ramifications, and understand the fallout from a broken contract.
The OP is now listed as "not a member," even though he started this thread only 3 days ago. Hmmm.
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