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YoloinOhio

Local attorney trying to block sale of home to Tre White

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https://www.bizjournals.com/buffalo/news/2020/10/26/lawsuit-cercone-tredavious-white-home-orchard-park.html

 

Quote

Buffalo attorney

 Marco Cercone and his wife are seeking an injunction to block the sale of a home in Orchard Park to Tre'Davious White of the Buffalo Bills.

In a lawsuit filed Oct. 22 in New York State Supreme Court for Erie County, Cercone and his wife, Kari Anne, said they had struck a deal to buy a home at 11 Kingfisher Court in Orchard Park only to later be told a higher offer had come in.

 

 

Edited by YoloinOhio

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"

  • On Oct. 13, they were told the Smiths had accepted the offer. A fully executed contract was completed a day later."

I mean, if thats true, pretty straight forward case. 

 

The problem they will have is there are almost always ways to get out of a real-estate deal prior to closing. Sounds like the sellers were somewhat shady though. 

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unless they didnt get their dd and earnest money in they have an executed deal. not sure what the selling agent is doing here. 

1 minute ago, PirateHookerMD said:

"

  • On Oct. 13, they were told the Smiths had accepted the offer. A fully executed contract was completed a day later."

I mean, if thats true, pretty straight forward case. 

 

The problem they will have is there are almost always ways to get out of a real-estate deal prior to closing. Sounds like the sellers were somewhat shady though. 

 

only the buyers can get out in reality.  sellers are locked in as long as buyers execute the deal and are ok with the property.  i forget the term but essentially it means that in the entire world there is only one property like this one and therefore you are denying the buyers the chance at buying a unique property.  

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Dumb Dumbs, 

 

    Opened yourself up for this.  Now comes our Lawsuit and at end of day will sell house originally agreed upon with additional court fees.

5 minutes ago, PirateHookerMD said:

"

  • On Oct. 13, they were told the Smiths had accepted the offer. A fully executed contract was completed a day later."

I mean, if thats true, pretty straight forward case. 

 

The problem they will have is there are almost always ways to get out of a real-estate deal prior to closing. Sounds like the sellers were somewhat shady though. 

Not For Sellers.

 

Only way to get out for sellers is Buyer misses a deadline like Inspection must be completed by X, (the Contingencies) 

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5 minutes ago, aristocrat said:

unless they didnt get their dd and earnest money in they have an executed deal. not sure what the selling agent is doing here. 

 

only the buyers can get out in reality.  sellers are locked in as long as buyers execute the deal and are ok with the property.  i forget the term but essentially it means that in the entire world there is only one property like this one and therefore you are denying the buyers the chance at buying a unique property.  

Yea I just closed on the house and if the buyer crossed the T's and dotted the lower case J's the house is there's. Sorry Tre

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8 minutes ago, aristocrat said:

unless they didnt get their dd and earnest money in they have an executed deal. not sure what the selling agent is doing here. 

 

only the buyers can get out in reality.  sellers are locked in as long as buyers execute the deal and are ok with the property.  i forget the term but essentially it means that in the entire world there is only one property like this one and therefore you are denying the buyers the chance at buying a unique property.  

 

Can the sellers breach the contract with the original buyers and owe them damages ?

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Just now, Hapless Bills Fan said:

 

Where's one of our real estate lawyer lads?  I thought real estate contracts can usually be backed out of on both sides, there's just a penalty

 

Only on the buyers Side.

 

Sellers side only can back out if deadlines that are placed in the contract are missed.  IE Inspection done within 72 hours or something like that.

But unlike buyers, sellers can’t back out and forfeit their earnest deposit money (usually 1-3 percent of the offer price). If you decide to cancel a deal when the home is already under contract, you can be either legally forced to close anyway or sued for financial damages. Of course, the specific consequences depend on the terms of your sales contract for the house.

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2 minutes ago, uticaclub said:

Yea I just closed on the house and if the buyer crossed the T's and dotted the lower case J's the house is there's. Sorry Tre

 

excellent wayne's world reference.

 

i've had some hilarious experiences over the years buying and selling homes.  you think you 've seen the craziest person and then nope there is someone crazier

2 minutes ago, DabillsDaBillsDaBills said:

 

Can the sellers breach the contract with the original buyers and owe them damages ?

 

oh yea. think about it like this....the house is the only one in the world with that land, features, location, etc etc.  literally the only one.  seller needs to execute original deal or else they're gonna pay up some money.  unless there is something with the buyers offer that wasnt completed. checks, signed docs etc. lied about their ability to actually close

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7 minutes ago, aristocrat said:

 

excellent wayne's world reference.

 

i've had some hilarious experiences over the years buying and selling homes.  you think you 've seen the craziest person and then nope there is someone crazier

 

oh yea. think about it like this....the house is the only one in the world with that land, features, location, etc etc.  literally the only one.  seller needs to execute original deal or else they're gonna pay up some money.  unless there is something with the buyers offer that wasnt completed. checks, signed docs etc. lied about their ability to actually close

 

That's pretty cool stuff. I guess it makes sense for the sellers if Tre's offer is for enough more $$ that it will cover the damages and then some. 

 

Do you know what a ballpark figure for damages would be? 

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Why is this even news?   I mean, even in Buffalo Business First, why is this even news?   This is simply a shady real estate deal on the part of the real estate broker/firm/sellers.

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14 minutes ago, Back the Blue said:

So how much will White cough up to make the lawsuit and the “other buyers” go away?

 

 

 

I'm guessing that what the Cercone's are wanting.....seems like shady sellers to me.

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12 minutes ago, MAJBobby said:

 

Only on the buyers Side.

 

Sellers side only can back out if deadlines that are placed in the contract are missed.  IE Inspection done within 72 hours or something like that.

But unlike buyers, sellers can’t back out and forfeit their earnest deposit money (usually 1-3 percent of the offer price). If you decide to cancel a deal when the home is already under contract, you can be either legally forced to close anyway or sued for financial damages. Of course, the specific consequences depend on the terms of your sales contract for the house.

Depends on what the contract says.  Not sure if they used the form ECBA contract or something else.  

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On A Side note.  I would love to be in an area where a house like that is on the market for less than Multiple Millions.

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Tre will do a back door payment to the sellers to compensate them for the “financial damages”  law suit... and they will all live happily ever after...

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