Forest Hill Homes v. Ou

The buyers agreed to purchase a home to be constructed in a subdivision from the seller. The purchase price specified in the Agreement of Purchase and Sale (APS) was $1,699,990, with $1,590,820.99 due on the closing date. The seller was ready, willing and able to proceed with the deal on the agreed-upon closing date. However, the buyers were unable to secure sufficient funds and, therefore, were not ready, willing, and able to close, resulting in their default. Subsequently, the seller initiated legal action for damages arising from the default and filed a motion for summary judgment. The motion was granted, determining that the seller was entitled to damages equivalent to the difference between the appraised market value of $1,050,000 and the amount due on the closing, resulting in a damage award of $554,308.41.