Seller Backed Out :(

[DizBub]

I'm sorry to hi-jack this thread but we are going through the same problem.

We are dealing with Fidelity too. Our sellers are out of the country, last I heard they were in Peru.........on business. This time last week seller assured our broker that they would return the closing docs and since then nothing. Seller will not return calls or e-mail. Our closing date was supposed to be 3/30. I know we need to walk away from this deal but cannot face the prospect of starting all over again.

My question is that since Fidelity did fulfill their end and sold the sellers' property, what recourse does Fidelity have? Can they take legal action to collect their commission and fees? Will they bother to take legal action? Wouldn't it just be simpler for seller to actually go through with the sale and save the legal fees? I am just

 

[JimMIA]

My question is that since Fidelity did fulfill their end and sold the sellers' property, what recourse does Fidelity have? Can they take legal action to collect their commission and fees? Will they bother to take legal action? Wouldn't it just be simpler for seller to actually go through with the sale and save the legal fees? I am just

Yes, Fidelity has legal options -- if they choose to use them. The seller owes Fidelity their commission, at a minimum. But Fidelity would probably have to sue them to collect, which I seriously doubt they would do.

A better course of action for Fidelity would be to simply de-list the contract and have nothing further to do with that seller.

But those are Fidelity's problems, not yours. I've been there, done that, and I know these situations are very frustrating. You just have to keep the final objective in mind and not worry about the extraneous stuff.

I'd forget about the broker and do whatever you need to do.

If you are not in a hurry (and you shouldn't be), you can wait it out. OTOH, I'm guessing that you cleared ROFR a couple of months ago, and if the sellers haven't gotten their act together in that time, you have to wonder if they ever will.

If you see another contract you like as well -- in Fidelity's inventory or at another broker -- cancel and make an offer on that contract. You've done your part; you don't owe anyone anything.

If you choose to move on, cancel first. Until you do, you still have obligations under the first contract and you don't want to find yourself with two irons in the fire.

Good luck.

 

[DizBub]

Thanks for the reply JimMIA,

I'm really not worried about Fidelity or the broker, just looking for a little pay-back for the sellers. They should not be able to get away with this kind of crap. True, I guess at the moment we are not in that big of a hurry, just had plans for the points. Reallocating some and taking a trip next month. I still have points I can use but it's just the principle..........it's just not right.