Legal Question in Real Estate Law in North Carolina

Hello all!

My question is concerning a breach of contract on the buyer�s part. I have a parcel of land for sale and received an offer to purchase same; we entered a contract through real estate agents. Now practically a month after the closing date and stalling the manufactured home company finally provides my agent with a loan denial based on a low appraisal for a land/home purchase.

In the contract, my property is the only item listed with no specific conditions/contingencies regarding a house, financing for a house...etc. The manufactured home company is the only buyer listed....not the buyer of the land/home package.

The manufactured housing company wishes to back out of the contract because THEIR buyer of a land/home package could not get an appraisal on the land/home package high enough for a loan. This is the second time something of this nature has come up and I believe it has been with the same manufactured housing company.

Lastly, I am from out of state, within 8 hours of driving to this property. I don't ever plan on moving there (it's from an ex marriage), it's listed approximately $20,000.00 less than the tax notice. I highly doubt that the property did not appraise.

I am on the fence about enforcing the contract due to the cost of retaining an attorney (honestly, I am employed in law enforcement, it's a signed contract and I doubt I would need an attorney in a civil case), the cost/time I would have to take to fly/drive there...but I want this to close, be over with, the end!

Thanks for your time.


Asked on 10/29/10, 11:06 am

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Maybe pay for your own appraisal and see what it comes back as. Unfortunately, I would think this would be complex enough that you would have to get an attorney if you wanted to prosecute the claim. An attorney would have to review the contract also to make sure there are no contingencies or to make sure that the earnest money is not your only remedy. But you would most likely need to sue them which might prompt a settlement.

- Jeff

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Answered on 11/03/10, 11:22 am


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