Legal Question in Business Law in Michigan

Lack of performance and misrepresentation-Real Estate

Can we recoup due to lack of performance by agent/misrepresentation from buyer�s bank.

Oct 20 we accepted an offer to purchase: Our house was to close by Nov 30; contingency - buyer�s house in MN to close Nov 10. Closed Dec 4. Twice, contract expired, for 6 days and 9 days. Now out of contract since Dec 8.

Set to close on our home - Dec 8, 11am. On Dec 7 at 4:15pm received a call that buyer�s lender needs another document.

Now 7 days later & some of what we�ve found:

Buyer has C- credit, not dealing with bank here in our town (who had supplied us with letter of �Conditional Loan Approval�), dealing with Texas agency, as recently as Tues, more documents were requested, etc.

We have an accepted purchase agreement for a house on other side of the state, had one extension and now out of contract since Tues. Dec. 12. Cancelled Dec 8 , 4:00pm closing on it but utilities have been in our name since Dec 7.

Movers are ordered for Dec 22 and husband�s new employer has been put off repeatedly for the last two months. Now we have no info and no one to turn to.


Asked on 12/14/00, 5:50 pm

1 Answer from Attorneys
Patrick Tracy Patrick J. Tracy, Esq, P.E.,

Re: Lack of performance and misrepresentation-Real Estate

There are damages that you have realized because of their lack of performance. contact a real estate attorney in your area who can help you. Specific Performance is probably the best option for you if its available.

Patrick Tracy

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Answered on 12/15/00, 9:45 am


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