Home Selling in Wichita>Question Details

Alklingenberg, Home Buyer in Arlington, TX

Back out at closing.

Asked by Alklingenberg, Arlington, TX Mon Jul 28, 2014

We have done everything the buyer has asked and its a cash offer. We moved everything out of the house and the buyer backed out the night before the closing. What can we do?

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Answers

4
Hello,

This is a very hard situation. The first thing I would do is suggest to your listing agent that you put your home back on the market. How much money did she give you as a deposit (escrow money)? Hopefully it is at least 10% of the purchase price. I would suggest going after the buyer for her escrow money. She needs to sign a form to release it to you, but she should. If she does not, you can sue her for failure to perform.

If it isn't this person, someone else will buy your home. Do not worry.

Regards,

Randy Tanner
RE/MAX Direct
561-420-7955
tannergroup2@gmail.com
0 votes Thank Flag Link Mon Jul 28, 2014
She stated that she lost the money.
0 votes Thank Flag Link Mon Jul 28, 2014
If it's true that she lost the money, then there is nothing she can do and you are probably entitled to keep the earnest money deposit. It's possible, because I have seen it happen before, that she never intended to buy the house and never really had the money to do so. Occasionally we see people who somehow get this far in a transaction just for fun. Usually they are using a false name. Best of luck to you.
Flag Mon Jul 28, 2014
What does the real estate professional you hired recommend?
What was the reason stated for backing out?
Did you get a big deposit?

Let your REALTOR or attorney figure out how to put Humpty Dumpty back together.

Best of success,
Annette Lawrence, Broker/Associate
Remax
Palm Harbor, FL
727.420.4041
0 votes Thank Flag Link Mon Jul 28, 2014
First you should be asking your listing agent to guide you. Damages should be described in your contract such as keeping deposit and additional damages may need a lawyers assistance to deem if you are eligible to seek damages. The bets scenario is figuring why they did not close and can it be fixed. Your agent is key to this
0 votes Thank Flag Link Mon Jul 28, 2014
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