Buyer Of My Home Is In Clear Breach. What Are My (seller) Remedies?
On the *day* of closing, buyer got cold feet and pulled out. There is no question that he is in breach. Unfortunately, the liquidated damages clause won't make me whole, so I am contemplating litigation.
The only question remains is damages. Buyer has offered to settle this matter, but I am unclear whether his offer is reasonable and I am trying to discern what damages I could seek in litigation. The contract simply states: "If Seller does not elect to accept the Deposit as liquidated damages, the Deposit may not be the limit of Buyer's liability in the event of a Default."
What are the categories of damages I should keep in mind when considering buyer's offer of settlement? Present considerations include:
- Difference between new sale price and contract price if I sell at a loss
- Mortgage while the house was under contract, and until the house sells
- Interest
- Seller's credit I agreed to pay following home inspection
- Broker's fee (1/2 the deposit per the contract)
- Reasonable transportation costs to and from the property I incur in facilitation of new sale (I moved 600 miles away)
- Reasonable lodging costs I incur for same purpose (the house is now totally empty - I have no bed to sleep on)
Any categories seem to be far off base? Any categories I should include in my consideration?
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