Here is an article in The [Lowell] Sun that tells of a couple forfeiting $31,000 due to a misunderstanding. It is also a good example of why the average citizen who commutes by train to Boston is dubious about lawyers and judges.
It turns out the judge thought the couple's unwillingness to sell their current home while trying to buy a new one was unreasonable. To get the loan they needed to sell their current home, per the loan folks. The deposit went poof.
I wonder if they had a good lawyer? I wonder if they could sue their lawyer?
Remember, the article will go away soon.
Regards — Cliff
3 comments:
It is generally a mistake to expect justice from the law and the American court system. In fact, justice is really deceptive practice for the American legal system. Law is law, justice and what is right and fair are the province of some other system.
I guess the $31,000 question is this: Did the buyers disclose that the purchase was for purposes of a second home (thus letting the seller know that their ability to obtain financing was going to be less than someone buying a home they would be living in)?
If they concealed this fact (from the seller and the lender who gave them a pre-approval letter), then the seller might have had the house 'off the market' for several months while the (supposed) buyers were unable to obtain financing.
If they wanted an escape built into the contract they signed, then they should have disclosed that it was contingent on being able to maintain two homes. Otherwise, personal accountability demands that they grow up and stick to the deal that they wrote up and signed.
To Anon, I take your point about being up front, but it is in the parsing of the thing that the questions sits. It seems to me the judge read an implied contract into the deal. I am not sure the buyers meant to imply what the Judge said they did. To me, $31,000 is a big hunk of change. I could afford to finish my second bachelors if I had that amount of money. After I forked over $10,000 in taxes. :-)
Regards — Cliff
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