Recent discussions near Montgomery:. Q: Purchasers backed out of contract for issue known before offer was

steve
Other/Just Looking
Birmingham, AL

made (is documented). Can we keep deposit? ...

Answers (1)
Daniel Cartaluc...
Agent
Des Plaines, IL
FIRST ANSWER

Hi Kerry, If you are under attorney review still, they can pretty much back out for any reason. If the issue is not properly documented on a disclosure form for the property, they also have the right to go away. It really depends on the issue, and at what point in the transaction that you are at. It is really pretty hard to keep earnest money,ever. In today's market, it is better to try to keep them happy by giving in a little more, or get rid of them and get back on the market. Don't dwell on what could have been, just move on to the next buyer. The more you try to hold on to them as buyers, the more they will try to get away. Sometimes they get cold feet and while not an allowed reason to back out, if they are in attorney review, they really are in the driver's seat. You may find if you let them go and focus on the next buyer, you may see them come back thinking they gave up a good home.

Tue Mar 17 2009, 20:21

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