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  1. #1
    Join Date
    Apr 2010
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    2

    Default Short Sale - Buyer Walked Out on Last Day of Extension

    My question involves small claims court in the state of: California

    I am short short-selling my home as-is and had to work very hard to get approval from my lenders. I am working with a Realtor who has also been helping to negotiate with my lenders and find buyers for my home.

    The 2nd mortgage would only go forward with a payout that was a couple grand more than the 1st mortgage agreed to pay them, so I had to cover the difference to get the deal to go forward (as I was advised to by my Realtor). I wired the money to the 2nd mortgage company, and seemingly everything was rolling along.

    After numerous delays due to the buyer, and having to request more than a couple extensions from the mortgage companies, on the final day of the deadline the 2nd had granted us, the buyer was to sign the loan documents. At this time the buyer claims he understood that I, the seller, was supposed to pay for all of the necessary repairs, then refuses to sign and walks out (this was not so, and was made very clear through several addendnums which we both have signed). Now deadlines have lapsed and I have lost the money I invested to sell the property.

    Do I have any chance of recouping my losses from this buyer in small claims court?

    Edit -- At the time the buyer was to sign the documents but was going to walk out due to his claim that he thought I would be paying for the repairs, my Realtor offered to forgo their commission to get the deal to go through, however the buyer wasn't interested.

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