Can a Buyer Sue a Seller if They Refuse to Close?
Posted by Hank Miller on
Real estate contracts occasionally collapse due to Buyer problems, but what if the Seller bails out? Can a Buyer sue a Seller if they
refuse to close? What used to be infrequent is becoming more common; Sellers backing out of contracts. They might have second thoughts about giving up a low rate or realize that maybe it’s better to keep the home they have. If that happens, what can a Buyer do?
If a Seller Refuses to Close a Real Estate Contract
In Georgia, Sellers play a less proactive role, most of the contract actions are initiated by the Buyers. If a Seller decides not to finalize the deal after all the conditions have been satisfied, the Georgia Association of Realtors contract (06/01/23) provides the following advice:
Remedies of Buyer: In…
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on this topic. This is not legal advice and every situation is different. Remember, a ham sandwich can be sued...
commonly used in residential water supply systems from the late 1970s to the mid-1990s. Polybutylene pipe was popular due to its low cost and ease of installation. However, it eventually fell out of favor due to concerns about its long-term durability and potential for leaks and failures. The greater Atlanta area has a significant number of homes with poly pipes and
The first half of the Atlanta 2023 housing market shared many similarities with the first half of the 2022 real estate market. Despite continuous caterwauling from the MSM about a crash, home prices around greater Atlanta haven't really moved from a year ago. In fact, some market are ahead of those record highs of '22. Clearly it's not the same market, but the interest rate shock seems to be accounted for.
how a home is represented and described may not always be what a buyer sees. Advertising, especially in real estate, always pushes the boundaries, but there is an expectation that the information presented is factually accurate.
national media, this market is not crashing and there is no reason to expect it will. A May 2022 to May 2023 look at key Atlanta housing market indicators demonstrates what we professionals saw; an adjustment to rising rates followed by a recovery.
fixtures, things can get sticky. Maybe they love the special features like the glass kitchen cabinet doors, custom lighting fixtures, high tech thermostats or even a favorite miniature Japanese Maple tree. Traditionally, these items remain in the home for the next owner to appreciate. However, some sellers have a deeper attachment to certain items, going as far as removing them prior to closing.
hidden defects, things that might not be discovered during a reasonable inspection of the home. A defect that’s been properly repaired is no longer a defect so technically, the home seller has no obligation to disclose it. That doesn't mean it's not a good idea to anyway.
advantageous, a limited housing supply led to a grueling home buying experience. Atlanta area home sellers on the other hand, enjoyed historical sway and leverage. They could effectively name their price and state the conditions; buyers were willing to comply. Things changed fast, midway through ’22 rampant inflation and the Fed slammed on the brakes. Things quieted and the stage was set for the spring 2023 housing market in Atlanta.