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Being sued to close on a house

I am a first time home buyer and I was pending on a property I liked. Water was disclosed in the basement and so on a particularly rainy day, I dedicded to see if I could go walk the house again to know just how much was coming in. When I was in the basement, I found a separate leak from the main floor that was soaking into the subfloor and visible from the basement. I asked my agent if I could terminate my contract based on this unknown material defect because no repairs would sway me otherwise, I just didn't want the house based off that finding. This all happened after the home inspection but before the appraisal was finished. My agent drafted a termination document and sent it over.

Almost a month went by before I heard back that the seller's were very angry with this decision. They didn't even want to counter the termination by asking for the earnest money. Instead, they went immediately to legal threats and declared their intentions to sue me for specific action- to close on the house.

I have sought legal counsel and they have looked at my contract and said that while the termination letter wasn't submitted 5 days prior to closing (I suppose that stipulation is cited) that I gave ample notice about the unknown material defect. They are currently drawing up a new termination letter with specific details about why I don't want the house (previously my agent only shared this verbally) and offering all of the earnest to the seller. My agent is is telling me that this likely won't sway the seller as they are set on suing (although nothing formal has been served to me, I'm assuming because the closing date has not arrived yet)

With this information, can anyone shed some insight on the likelihood of this lawsuit being successful for them? Is it common for judges to rule for some to close on a house they don't want? I am in IL and the market is fairly 'hot' from what everyone keeps telling me. Houses in this price range are going fast, so I'm not sure why they haven't just relisted and sold to someone else.

submitted by /u/ronalddoobert
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/11xgq6i/being_sued_to_close_on_a_house/
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