Friend Needs To Fire His REA? Or Is It HIS Agent?
He signed a contract in September for a home to be built by February 04..It was from a contractor/homebuilder. There is a real estate agent involved, but the contractor pays the agent the fee. They have pushed the sales date back five times and have not built or even begun to build. The price of the home when he signed the contract was 132k and it has now increased in value to at or about 160. They have mentioned that they would like him to walk away from this contract, however my friend refuses to walk away. What can he do to enforce this contract to build his home? They have built homes all around his. Can he fire the real estate agent? Does he have a right since the contract is not with the agent himself?
Since it appears that your friend's contract is with the builder/contractor and not the RE agent, it's the builder who agreed to perform and isn't by not building the house. I suggest your friend get a RE attorney now and discuss the upside and downside of specific performance--assuming that the contract provides this remedy where the seller defaults.
I agree with Nancy the contract is between your friend and the contractor,the agent is only the middleman. He needs to see a real estate attorney to find out if he can enforce the contract.
Thanks for the replies!