Legal Question in Real Estate Law in New York

Breech of contract

hello

i live in long island new york .

last week i made an offer of 270,000 on a house with 60,000

down . the owners of the home agreed and signed the contract .

2 days later the real estate agent called me to tell me that the

owners took a higher offer on the house because my prequalification certificate said that i was only eligibe for a mortgage of 200,000 and a purchase price of 250,000, it was a simple mistake. i just needed to fax him over a new certificate

with the right amount this didnt matter to him. he said they are taking a higher offer. i didnt even get a chance to rectify the problem. so the contract that we signed didnt mean anything.

6 months ago i got qualified for a mortgage,but we figured for a

250,000. so 6 months later the houses went up sky high.but anyway i was eligible for a 300,000 mortgage.i just needed to contact my mortgage broker. but that was not an option for the real eststate broker. if we had a legal signed contract, could they get away with this? do you think i might have a case?


Asked on 2/05/02, 10:19 am

3 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Breech of contract

I need more information. In particular, after the sellers signed the contract did they return the fully executed contract to you? Did they deposit the downpayment check?

Mike.

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Answered on 2/05/02, 10:54 am
Ross Chinitz Doran & Chinitz, LLC

Re: Breech of contract

if you have a fully executed contract you could be in a position to prevent the sale to the new people and force the sale to you. this is called an action for specific performance. you must be prepared to comply with the terms of the contract.

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Answered on 2/05/02, 4:06 pm
Robert Kaplan Robert Kaplan, P.C.

Re: Breach of contract

Your question turns on whether you have a fully executed contract. If the seller signed and returned the contract to your attorney, you could compel the Seller to honor the agreement and sell to you. I would need to see a copy of the contract for further advice.

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Answered on 2/05/02, 7:51 pm


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