Real estate prices are falling

Reference no: EM133683951

Question

Real estate prices are falling, so Seller enters into a contract on April 2 to sell her apt for $400,000 to Buyer with the closing on May 1. During April, the price of real estate falls even further. On May 1, Buyer breaches by not showing up at the closing. Seller immediately puts the apt back on the market. Seller is afraid that the market will drop even more rapidly, so she pays a $1,000 fee to feature the property on a TV show about prime real estate. Because of the TV show, Seller is able to sell the apt almost immediately, but for a price of $370,000. One month later, the real estate market miraculously rebounds, and the fair market value of the apt Seller sold is back to $400,000. In a suit against Buyer for breach of contract, what damages, if any, may Seller recover? Explain your reasoning.

Reference no: EM133683951

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