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Dispute in sale of luxury Florida home cost seller $300,000

It's no secret to anyone who has ever tried to sell a house: you can easily run into complications. But when you sell a high-end luxury house for millions of dollars, the risks increase.

A seller in Tampa Bay recently learned how complicated selling a luxury home can be. After running into a dispute with the buyer, the seller ended up paying $300,000 to settle a lawsuit so he could find another buyer.

Claim: Buyer misled seller into thinking she could afford the home

The seller in Tampa Bay had a home for sale for $9.75 million. After having the home on the market for five years, he thought he finally had a buyer with a woman who owned her own company. She even provided his real estate agent documents that seemed to prove her ability to pay the high price of the house. However, the woman was actually in debt, having declared bankruptcy several times. After she saw the house, she signed a contract to buy it.

When the time came for her to close on the house, she allegedly made excuses as to why her lender hadn't sent any funds. The man extended the closing date, but still received nothing from the lender. When he attempted to cancel the contract, the woman's business sued him. The lawsuit said that he had secret communications with the woman's lender, which the man denied. To free up the contract so he could find another buyer, the man agreed to pay the woman $300,000 to dismiss the lawsuit.

Selling a luxury home can have complications

Selling your luxury Florida home can be difficult. You must find someone who can actually afford the listing price. You can also run into issues with the lender and the title company during the closing. If you're planning to sell your luxury home in Florida, you may want to consult with an attorney to make sure you stay protected in a sale.

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