Would like to get your take on my situation here, sorry, a bit long, thanks in advance.
We purchased a new construction condo about 2 and a half years ago.
Our unit is nearly finished and we are scheduled to close in approx. 3 weeks.
With in those two years, we've had a lot of changes, including job relocation.
It no long makes sense for us to live in the unit. Unfortunately the builder
placed a clause in the contract that prevents us from selling for a period of
1 year (deed restriction), this was to prevent flippers from purchasing.
We have looked into renting the unit, but could only do so at a 700-800 dollar
I have explained our situation to the seller and asked for right to sell or
default our earnest money. Both requests were refused.
I have since met with a real estate lawyer. He believes we have a good chance of getting our earnest money back because the seller has breached the contract. The breach is because of a stated 2 year delivery date. It has since been 2 1/2 years. Of course there are several clauses stating possible delay due to external factors. We have sent a letter to the seller stating our request for return of earnest money due to breach of contract.
My fear is that this is what will happen:
1 - We've sent a letter to them stating breach.
2 - They will send a letter back stating delay is because of such and such reasons.
3 - We'll send a letter back saying, prove it.
4 - They come back with some justification.
5 - Meanwhile, our closing date has passed and we are now in default and owe for cost of delaying closing.
6 - Lawyer says, ok, their justification is B.S. lets file suit.
7 - Suit fails and lawyer says, sorry, I tried, but thanks for the money...
8 - I'm several months past closing and owe all sorts of penalties, legal fees, and still have to purchase the place.
My question is what are my chances here? Is the lawyer just taking me along for a ride that ends up with me shelling out bucks to him, losing my earnest, plus shelling out additional funds for the sellers legal fees and delay of closing?
thanks for any input.