Can We Sue Someone For Backing Out of Our Illinois Home Buyer’s Agreement?

 Posted on July 28,2022 in Breach of Contract

Selling a home can be a stressful, chaotic experience. On top of making expensive changes to a home to make it more attractive, sellers are typically also busy looking for a new residence, negotiating with both the potential new homeowner and the owner of the home they wish to buy, and managing kids, careers, and more. While both the homeowner and a prospective buyer have time to request changes, negotiate the price, and make up their minds once and for all, once a purchase agreement is signed, things get real.

But what happens if a buyer suddenly pulls out of a deal, leaving the seller scrambling to clean up the mess? If you are in this situation, it is important to act quickly. Read on to learn more about what you can do, and then contact an Illinois real estate law attorney.

What Happens if a Buyer Backs Out of a Residential Real Estate Contract?

Whether a buyer can face legal consequences for backing out of a home buying contract will depend on several factors. For example, buyers can back out of real estate contracts if either the seller or buyer did not meet the contingencies in the contract, such as a satisfactory home inspection, financing terms, or required repairs.

But if a contract has been signed, the contingencies are met, and a buyer wants out anyway, the buyer will be in default of the contract and the seller will likely get to keep the earnest money the buyer put down. The seller may also have the option to sue for breach of contract. Suing for breach of contract may allow the seller to recover compensation for the loss of the sale.

It is important to talk to an attorney before you decide to take legal action or forego a lawsuit. Relevant factors that could influence whether you take legal action could include:

• Whether the buyer is truly at fault or whether there were contingencies in the contract that were not met by the buyer or the seller
• Whether the escrow money is sufficient compensation for the breach of contract
• Whether the buyer is likely to have the money to make a lawsuit reasonable
• Whether there is a backup offer that is likely to be successful

Call a DuPage County Real Estate Lawyer

When someone commits to buying your home and then backs out, it can feel like the floor has suddenly fallen out from underneath you. For help dealing with this situation, or any other real estate contract violation, call a Wheaton, IL real estate attorney with Stock, Carlson & Asso. LLC. We will go over your case with you in a confidential consultation, help you understand your options, and give you excellent legal representation if you choose to move forward. Call us today at 630-665-2500.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3813&ChapterID=62