Home Selling in Philadelphia>Question Details

Venus Noctar…, Home Buyer in Florin Fruitridge In...

Can a seller back out of deal after giving buyer two extensions and keep the deposit?

Asked by Venus Noctarilis, Florin Fruitridge Industrial Park, Sacramento, CA Mon Sep 24, 2012

Im the seller, my buyer was approved for a va loan, everything went well with the appraisal amd a home inspection was done. They required us to fix some things in the house and even add extras. We did everything they asked. A week before closing buyer decided to apy for a conventional loan instead and asked for one months extension. We gave it to her and another appraisal was done. They didn't meet that closing date and asked for a two week extension, again nothing happened. Buyer then decided to refinance her home for personal reasons and is delaying things on purpose. Supposed to close by 9/28/12 is what i was told by their lender. They are requesting another appraisal. That would be the third one in order to close. We did not sign a new extension and right now everything is verbal. I can no longer keep waiting for this buyer. Our things are in storage and its costing us money. If the verbal deadline passes and no closing occurs, can i cancel the contract and keep their deposit? help

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Maria Cipollone’s answer
It really depends on your executed sales contract. Is very difficult to give you advice without looking at the documents. Talk to your agent and explore your options in this case.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Wed Oct 10, 2012
Venus, This is a contract question with needed papers in hand to verify. Contact you Agents Broker and get him involved.

After all it's the Sellers Broker thats hold the Buyers escrow... Right?

All the Best John Curci
0 votes Thank Flag Link Wed Oct 10, 2012
Oh my,
I am pretty sure that nobody here on Trulia can give you any kind of answer to your question.

But 1st of all anyone will need to see the written and fully executed sales contract, if any amendments have been made they were hopefully done in writing and 2nd I sooooooo hope that YOU the seller
had a Real Estate Agent representing you in the negotiations, i.e. a listing agent and hopefully you had also hired a real estate attorney to review the contract and keep all changes agreed upon in writing to have legal records of all that transpired...

If all was or at the end was verbal agreements, you need not only to sit down with your Realtor but
definitely with an experienced Real Estate attorney to figure out the legal side of your arrangements
and if you have any recourse - legally at all.

Be very careful, now you need really professional assistance!!!!

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Mon Sep 24, 2012

In order to provide you with an accurate answer any real estate professional would require a copy of the contract and all documents.
Hopefully you have an agent representing you. Immediately request a meeting with your agent and their broker of record. Discuss the situation and come up with a plan. Leave the meeting and recap the exchange in writing to the parties in the room. Make sure a tight deadline is decided upon and include it, also include the name of a real estate attorney that you have hired.

You must keep everything with everyone in writing in order to protect yourself. If you do not have an agent get an attorney immediately.

Ana Barlow, Realtor
The Barlow Group at Keller Williams
No. 1619 Walnut Street
Philadelphia, Pa. 19103

0 votes Thank Flag Link Mon Sep 24, 2012
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