My question involves real estate located in the State of: MS
I received and signed a contract to sell my home July 3rd. I received a full price offer after having the home on the market for only roughly 3 days. Several others looked at the home and threw numbers around, however, this was the best one, so I took it. Home inspection was done and paid for by the potential buyers. Appraisal was done and paid for by the potential buyers. Early last week, I submitted a request for the buyers to prioritize their wants on the repair/replacement list. We were having a hard time getting an answer on this. Last Thursday afternoon, I found out the potential buyers have a tax lien against them. They found out about the issue on Wednesday, choosing not to let me know until Thursday afternoon. So we have a Breach of Contract. They have proposed 2 options: 1 - they want to do a lease/purchase. 2 - they want to write me a check for $10,000 non-refundable while they "work this out with the IRS". This will take 10k off the price of the home at settlement.
Here are my issues - After I chose their offer, I proceeded with my life. I am moving out of the country. I had already arranged for a container shipment Friday. It was loaded and what possessions I'm taking are now making their way to that country. I've paid for half of that, I still have half to pay. I have enrolled both of my children in school in said country. My youngest child's school carries a very hefty tuition. With the sale of the house, I will take part of that money and pay for his tuition for the year so I can start saving for the next year's tuition. My kids are set to start school in 6 weeks. I put my two weeks notice in. I have one week left on the books at my job. Then this. Their realtor told mine that the sellers have the cash to pay the lien. They don't want to because they're afraid they won't be able to recover any of it. So they have submitted the above options. In my opinion, neither of these options benefit me. It is because of their situation, I will now be out mortgage payments, utilities and home insurance until I sell the house. A situation they chose to hold to themselves for a couple of days. I will now have to draw out money from my 401k to make my move and pay a penalty. Once again, because of their Breach. Their claim is that "they thought it was taken care of last Novemeber 2017". I do not want to do a lease/purchase because I will #1, not be in the country to manage it and #2, I will still be out money because I will have to carry home insurance. Taking the 10k up front doesn't come near covering the out of pocket expenses I will incur. And, it takes 10k off the sale price of the home which could have a negative effect on property values in my neighborhood. Also, they did not put a definitive time frame on taking the 10k and letting them work it out with the IRS. Besides, in taking the 10k, I take that money (it will be, of course, some of the money I would have originally gotten at closing) and sustain my home until "they work it out".
In my humble opinion, I should not be the one who has to suffer for their consequences. I mean, how do you not know that a $23,000 tax lien has not been taken care of?? Do I have any recourse other than taking the measly escrow check?
I received and signed a contract to sell my home July 3rd. I received a full price offer after having the home on the market for only roughly 3 days. Several others looked at the home and threw numbers around, however, this was the best one, so I took it. Home inspection was done and paid for by the potential buyers. Appraisal was done and paid for by the potential buyers. Early last week, I submitted a request for the buyers to prioritize their wants on the repair/replacement list. We were having a hard time getting an answer on this. Last Thursday afternoon, I found out the potential buyers have a tax lien against them. They found out about the issue on Wednesday, choosing not to let me know until Thursday afternoon. So we have a Breach of Contract. They have proposed 2 options: 1 - they want to do a lease/purchase. 2 - they want to write me a check for $10,000 non-refundable while they "work this out with the IRS". This will take 10k off the price of the home at settlement.
Here are my issues - After I chose their offer, I proceeded with my life. I am moving out of the country. I had already arranged for a container shipment Friday. It was loaded and what possessions I'm taking are now making their way to that country. I've paid for half of that, I still have half to pay. I have enrolled both of my children in school in said country. My youngest child's school carries a very hefty tuition. With the sale of the house, I will take part of that money and pay for his tuition for the year so I can start saving for the next year's tuition. My kids are set to start school in 6 weeks. I put my two weeks notice in. I have one week left on the books at my job. Then this. Their realtor told mine that the sellers have the cash to pay the lien. They don't want to because they're afraid they won't be able to recover any of it. So they have submitted the above options. In my opinion, neither of these options benefit me. It is because of their situation, I will now be out mortgage payments, utilities and home insurance until I sell the house. A situation they chose to hold to themselves for a couple of days. I will now have to draw out money from my 401k to make my move and pay a penalty. Once again, because of their Breach. Their claim is that "they thought it was taken care of last Novemeber 2017". I do not want to do a lease/purchase because I will #1, not be in the country to manage it and #2, I will still be out money because I will have to carry home insurance. Taking the 10k up front doesn't come near covering the out of pocket expenses I will incur. And, it takes 10k off the sale price of the home which could have a negative effect on property values in my neighborhood. Also, they did not put a definitive time frame on taking the 10k and letting them work it out with the IRS. Besides, in taking the 10k, I take that money (it will be, of course, some of the money I would have originally gotten at closing) and sustain my home until "they work it out".
In my humble opinion, I should not be the one who has to suffer for their consequences. I mean, how do you not know that a $23,000 tax lien has not been taken care of?? Do I have any recourse other than taking the measly escrow check?
Purchase Contracts: What Can the Repercussions of Breach of Contract Be Involving a Real Estate Contract
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