Hi All,
Just seeing if anybody has sued a purchaser when they have defaulted on a contract to purchase a house from them.Questions such as how long it took to retrieve money. The process of this. The cost of this etc. Thanks for your help.Martin
Hi,
You could certainly sue a person as a result of non-performance of a contract, but the damages you seek would result on your financial loss, which is unique to every situation.
You can’t make someone pay a debt who has no money, so it doesn’t matter what the judgement in your favour, you need to really weight up the cost vs. benefit.
On this point, I was reminded the other day about our legal process where a person received compensation (let’s say $500k) as a result of a negligence action. Immediately after the judgement was made the person losing made an offer to settle for $350k or else an appeal would be lodged.
On the basis that the appeal might be successful, and on the basis of additional legal costs, the lower offer was agreed.
From my experience, negotiating an outcome that everyone is happy with and avoiding the courts is often the best way to proceed.
Regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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