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Nikko, Home Buyer in Florida Center, Orla...

Buyer lost financing, their agent won't respond to release contract, now what?

Asked by Nikko, Florida Center, Orlando, FL Wed Sep 4, 2013

I had a buyer offer on my home whom lost financing for lying about income. Meanwhile, it's been about 3 weeks and they have yet to release our contract, what would happen if I got another offer on my house, would I not be able to entertain it? Most importantly, if the buyer does not agree to release the deposit to me (she should, for lying), what are my options to get back some money for the damages this has cost me? Thank you. (This is not a for sale by owner, my agent is just vague on answering my questions, I just want to know if I have options for getting some money in damages, as well as the ability to entertain new offers if one should arise despite the buyer's agent not having released the contract nearly 3 weeks after closing. )

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There are a few steps you can take, first thing I would do is contact the managing broker for the buyer and explain the situation most times it will get resolved quickly. If the buyer had put down earnest money and the buyer has a breach of contract, at least in Wisconsin the seller is entitled to the earnest money or can file a law suit in small claims court to cover your damages in most cases the courts will side with the seller or at the very least force the termination of the contract. You can always accept another offer in a secondary position until the issue is resolved with the primary offer.

Good luck to you!

Mark J Brunner
Keller Williams Realty
Cedarburg, Wi 53012
414-322-7990
mbrunner@kw.com
1 vote Thank Flag Link Thu Sep 5, 2013
Nikko, you really have to get definite answers from your agent on this one.

Typically, when the buyer's financing fails, they ask to be released from the contract, and a document is signed to that effect. If the contract was conditioned on financing, then you probably have no way of being compensated. Until you are out of this contract, though, you're still under agreement to sell them the property if they somehow obtain financing.

All the best,
2 votes Thank Flag Link Wed Sep 4, 2013
Hi Nikko, consult a Real Estate Lawyer. Terms of the contract and financing matter.

Sincerely,

Miekeba Jones
Heymann Realty, LLC
10230 New Hampshire Ave. STE 102
Silver Spring, MD 20903
office 301.439.1180
direct 240.715.8284
fax 301.439.1190
miekeba@heymannrealty.com
http://www.downtownsilverspringhomes.com
1 vote Thank Flag Link Wed Sep 4, 2013
I would recommend you consulty legal counsel to see what your legal rights would be.

Diane Rulka
Weichert Realtors
ChevyChase Uptown
DCMDVA
1 vote Thank Flag Link Wed Sep 4, 2013
Hi Nikko,

Seek out your agents Broker.He/She,in concert with the buyers agent Broker, should be able to assist in getting this resolved for you.
0 votes Thank Flag Link Tue Sep 10, 2013
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