Can You Sell A Home During a Construction Defect Litigation?
Can You Sell A Home During a Construction Defect Litigation?
Whether you just moved into a newly built home or have been in it for a few years, you may have discovered a construction defect (or defects) at the home. Upon discovering this, it may be in your best interest to file a suit against the builder by working with a construction defect attorney. After you have joined a case and signed a contingency fee agreement with an attorney, you may have to move and need to sell your home. Is this possible during a construction defect litigation?
Yes, you can sell your home while a construction defect litigation is pending.
While it may seem like it could be difficult to sell your home during this time, the opposite may be true. The rights to pursue and recover funds for any defects during litigation can be transferred during escrow. This can be viewed as a positive, as the seller, you could transfer your rights to the buyer, and when the litigation is finished the new owners would receive a check from our law firm from the settlement funds for the construction defects. This could incentivize a buyer to place an offer on your listing.
A second possibility is that you as the seller will retain your rights after the sale. In this situation you would sell the home but still be able to be paid from the settlement funds after litigation.
Maybe your job is transferring you, or your kids have grown, and you need to downsize, fast. You may not have time to have your home to sit on the market. In this situation, you could offer a credit to buyers. What buyer doesn’t like getting credits? If you list your home a bit on the high side, knowing what you must sell for, and then lower your price, you’re giving the impression you are helping the buyers while still getting the sale price you desire. This is a win-win for both parties.
Lastly, you will want help selling your home with a real estate agent who has experience selling homes that are under litigation. It’s a good idea to work with someone who has an expertise in it; He or she can help and would have a specific buyers list.
To learn more about construction defects and information surrounding this topic, click our construction defect litigation page. If you have any questions or are unsure how to proceed, please contact us today for a free consultation with one of our attorneys. Do not hesitate!
If you’re a homeowner, association or builder seeking representation in construction defect litigation, our team at Naumann Law Firm in San Diego can help. We have more than 35 years of experience handling significant construction defect cases. To contact us, call 844-492-7474 or visit our San Diego construction defect contact page. We also work with clients in Los Angeles, Orange County, Riverside, San Bernardino.