LLC Manager committed to buying their property but then changed their mind. Earnest is unable to move

Homebuyer
1

I’m a 25-year-old from Iowa. In April, I made an offer on a property for $28,000. The LLC Manager agreed, and we both signed the contract via DotLoop. I paid $1,000 in earnest money, and we were set for closing.

However, the LLC Manager’s brother convinced them to back out, saying they were “giving it away” at that price. Now, both their agent and my brokerage are suing for commission. Can I sue to enforce the sale at the agreed price and recover legal fees? I’m also still missing my $1,000 earnest money. What should I do?

2

Hey agents,
Good faith and fair dealing principles may give rise to a claim even in the absence of a formal contract.
A court may find a quasi-contract or promissory estoppel if the buyer relied on the LLC’s promises and the parties engaged in serious talks.

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