I'm just after any relevant advice and of course we will be seeking legal advice but it would also be good to get some perspective from anyone who's been in this situation!
We got an offer on our house after it being on the market for about 8 months. We accepted and building & pest was unconditional however buyers finance approval kept getting extended (pretty much every 2-3 days for about a month!) looking back now we should have pulled the pin! Anyway we got notice from our solicitor that buyers finance had been approved (finally) and contract was unconditional and settlement was booked. We then got a request to extend settlement date a further week and we agreed but advised we would be charging default interest. We then got notice from our solicitor saying buyers did not know when or if settle my would happen and would like to terminate. We then were in talks with our real estate to see if we could come up with a solution as apparently the bank advised the buyers finance was
Approved however reneged once it came time to settle. We offered buyers a new contract with a sunset clause and them renting from us while they secured finance with another bank. We would however withhold their $6000 deposit and reserve our rights to sue for damages on first contract if this one also fell through. Buyers were agreeable to this and new contracts and tenancy agreements were drawn up but they pulled out last minute!!! However in the meantime we found and fell in love with a perfect piece of land, which we now have a contract on (subject to to sale of our house, with a sunset clause). So where we are at at this stage is we have the buyers initial deposit (50/50 with the real estate) and have our empty house back on the market. I am however concerned that its going to take forever for our house to sell, we ate stuck paying for an empty house and we lose our land!
I guess my main question is, if we were to try to either sell our house quickly for less or possibly put it to auction then is it even worth us going through litigation to recoup the difference in sale price and damages or is it going to cost us more than its worth? To even speak to a litigation lawyer and get an idea of costs it's going to cost us $330! So frustrating, as we were supposed to be well on our way to saving for our dream home except we are stuck paying for an empty house!