What are my legal options ?
We accepted an offer on our house four weeks ago. Two days later buyer brought his own private inspector who came up with a list of things that according to him needed repair. To salvage the deal we offered to repair all the things in the list as long as the buyer still would buy the house. So they and us both signed an addendum which spelled out the things we're going to repair etc.
We spent $6K of our money to replace the roof, repair AC and some minor concrete work in the driveway. Everything was done by licensed and insured contractors and we forwarded the payed invoices( scope of work + how much we paid) to the buyers.
Last week FHA inspected the house ( buyers had a FHA loan pre-approval), they appraised the house more then the agreed selling price, they also indicated no problems with the house so we were looking to closing the deal sometime soon. Instead here is what happened.
1- Our agent told us the buyers agent had told her the buyers won't return her phone calls and she thinks they want to walk away from the deal.
2- Loan officer had told my agent the funds were no longer available. At the beginning my agent told me in writing the funds ( $5K down ) had been verified. Now the loan officer said they were going to get this money as a gift from their parents who now changed their mind. Buyers inclosed $1K check with the offer.
3-I received a letter from a law office today stating they represent the buyer. According to them buyer had received word that no firm commitment to obtain a mortgage will be forthcoming within 45 days ( as set forth in the Offer to Purchase) so I should feel free to pursue other offers
Im not happy to see these people just wasted a month of my time and $6K and now everybody is just kicking the can. I know going to the court is time and money consuming as well but if I have any legal options to recoup any of the money I spent I'd like to pursue them