We were in contract to purchase a home in Meridian Idaho. 3 days prior to close, seller decides not to pay the 2% closing costs previously agreed upon, and wants another $3200 to close the deal because he had a change of heart. We have incurred costs for inspections, appraisal, and airfare from California totaling aprox. $1500 not to mention wasting our time. We will have to repeat the process again to purchase another home, as well as losing our rate lock, so financing has become more expensive. Property is owned by an IRA in a Trust, and the Seller, who is a trustee of said Trust is also a licensed Realtor and represented the Trust in the transaction. We agreed upon full asking price and 2% closing costs, seller did a few requested repairs then just changed his mind. Any recourse here?
I would approach a real estate attorney in the county where you are buying. The terms are what is stated in the contract and the realtor/seller may believe you won't do anything from California. This does not sound correctly done on the face of what you stated and you should be able to obtain specific performance. As to the damages, probably not if you get the house with mortgage rate now being offered.
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