Seller Breach of PSA
Hello All -
Put down EMD and entered into PSA. Sellers were highly motivated and had frequent and long time delays in providing documents. Couldn't complete due diligence and so requested extension, sellers agreed in writing. Sent extension agreement and suddenly sellers went mute. No response to calls, emails and texts. A week later, sends cancellation with release to liabilities offering refund of EMD in full.
As buyers, we were highly motivated, put in lot of time, shopped around to get mortgage LoIs, tons of hours studying the property segments, tax exemptions and credits as claimed in OM by sellers. Even tolerated multiple delays in submission of documents by sellers. Its close to 3 months of time and resource investments.
PSA has provisions for brokerage and damage claims in case of seller default outside of Force Majeure. Obviously, as buyers we are super upset. Especially with the level of patience we have shown due to the interest in this property.
Question to experts in this community : (a) What would be reasonable damage claim? (b) In the event sellers refuse to pay, do we have a chance to prevail judgement and (c) Is it worth fighting this case given the PSA is for a low 7 digit price?
TIA