I was trying to buy a movie theater including building. I sent a good faith deposit and the seller kept promising that everything’s gonna be smooth. After 1 week of sending emails and phone calls with his promises, today, he emailed me that the biz is more than what he’s selling for. I have proof of emai and good faith deposit about the agreement. Are there any legal actions that has to be done so I can get this seller? I really need a quick response on this one. Pls. help.
did you actually have a purchase contract or were you still hoping to “seal the deal” if the latter, it merely was an offer that was not accepted. your earnest money, should never have been cashed, and i presume was not. stop payment if you do not receive your check back asap.
Ok, so I don’t have any case then?
I’m trying to get my good faith deposit since I used paypal.
you have no case with the property, but you should receive your full “good faith” money back, as i am guessing that was earnest money. what state are you in, in the state of Texas, the EM goes to title company, but only after a contract is executed. Your real estate professional should be guiding you in all of this, unless you went it alone.
I’m not a lawyer.
More details would be helpful. However, if you really want to proceed, you should talk to a real estate attorney. If you had a “meeting of the minds” (verbal contract, backed up by E-mails), you may attempt to sue the seller to perform…(how far are you willing to go?)
There is a process to everything that is made to protect everyone. If you two didn’t follow it, it is risky, but an attorney would give you better guidance.
Tom
Thanks for all the response. I got my $1000 back. The seller and I ended up with an agreement.