When I listed my home FSBO I found a buyer right away but the VA financing he had would take more time than I had to complete the transaction and avoid late payment penalties with my mortgage company and credit rating. So a realtor/investor offered to help me to avoid the consequences by promptly paying the mortgage before it was to be considered late. The catch was, I had to be under contract with him with an agreement to sell it "subject-to" my financing and he would pay me the difference at closing of the deal. Desperate to avoid the credit damage, I signed the contract the day before it was late. 3 days later, my mortgage company calls and says its late. The investor said I was legally bound by contract to go to closing or he'd sue me for breach of contract. His numbers changed dramatically and before I know it, long story short, my family and I are homeless, damaged credit, got $15000 cash but he just made the $95000 I had coming to me despite his failure to make the mortgage payment on time, which was the ONLY reason i even allowed him to be involved in the transaction in the first place,. If i was going to have the late payment regardless, I wouldnt have involved him at all
Liquidated damages means the contract contained a clause that provides the damages amount. You don't provide that your contract had this and, since this was FSBO, I assume this was not part of the terms.
I am sorry about the problems, but you need to retain an attorney to detemine options. This is not a DIY task.
This answer is for informational purposes only and is not legal advice regarding your question and does not establish an attorney-client relationship.
First, you need a competent Colorado real estate attorney to review all of the documents. This is a critical step in determining your rights. An AVVO question cannot supply sufficient information concerning the transaction. There are however some self-help things you can do. If indeed the person is a broker in Colorado, immediately call the Colorado Real Estate Commission to lodge a complaint. If the person is indeed a Realtor, you have a right to call the board to which he belongs and lodge a complaint. I would also recommend that you contact the Colorado attorney general and the district attorney in your county. It sounds like the person may have defrauded you.
Best of luck
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