Can I Win This Law Suit?
Hi all,
I just lost a deal because of a slow realtor. Here are the circs:
In AUGUST 2005 I made an offer on a property in Toledo. I put several contingencies into the offer. One of them was that I had to approve a repair estimate. The seller’s agent made weekly excuses for the repair estimate delay, while slowly trickling in other information such as tax returns, operating statements, rent roles, repair history, etc. Finally, TWO WEEKS AGO (six months after entering this purchase contract) I get my estimate. It came in high, and I suggested a new price to compensate for the high repair cost. I also reminded the seller of a 1031 deadline of March 10. (Which she knew about from the beginning)
The seller’s agent has yet to get back to me on the new price. At this point the deal is done; I can’t make the 1031 deadline.
This was the last of four properties on my exchange sheet. Due to delays caused by seller and or their agent, I am forced to take $22,000 in boot. Translation….about $7,000 in tax liability.
Is this a winnable law suit?
Thanks, Brian
Greetings Brian,
I’m not an attorney. And I don’t even play one on TV. But I don’t see where there’s grounds for a lawsuit here.
Was there a stipulated deadline for the repair estimate? Even if there was, if the contingency was to allow you to get out of the contract, then that may be the extent of your claim, and the extent of their liability. To let you out of the contract.
I’ve lost more than one deal to slow or non-responsive agents. And have had more than one deal screwed up by an agent (or someone else) that didn’t know what they were doing. But I think I would be hard-pressed to find any legal grounds to go after them.
This is just my initial reaction. Maybe someone else will have a different take on this. Or, can shed some better light on it.
I think you did very well overall though if you closed on the other 3 timely. Sometimes things happen....at least only one fell through.