Asked by Jamie Stroup, Orlando, FL â€¢ Thu Apr 25, 2013
Really your still answering questions from April? Wow! Its 6/8/13
I am sure they moved on by now, if not intervention should be called into play.
GOI ! Mike Ferry once yelled out to all the agents at a conference.
Some questions just can't be answered by anyone but an attorney.
Even though you may have a contract or paper work, there is he said she said they implied and the list grows.
Spent a couple bucks and get your attorneys opinion or simply move on to the next buyer. I will say this, if you decide to just let them cancel get it in writing signed by all party's and deliver the signed cancelation to all.
The Florida Sale and Purchase Agreement, on the other hand, obligates the Seller to repair covered inspection items up to an agreed percentage, but does not allow the Buyer to cancel at will.
You should be using a Realtor to assist you with this and all real estate matters.
This has to do with how inspection period rules are worded in your contract.
We have different types of contracts in FL.
So, read the whole contract and especially the part about inspections.
Inspection period could last 15 days, for example - so the buyer could still
have time to inspect and cancel.
The selling agent is not doing a good job for the buyer, it seems like.
It would be easier for the buyer to inspect and exit, then explain her
relocation situation. Depending on the contract, the buyer does not even have to
hire an inspector to exit the deal.
Normally, buyer and seller have to cancel by signing a release form.
If you refuse to sign it, the deal will go into dispute - to FREC (overseeing committee in FL).
FREC then will decide who is right or wrong.
If you disagree with FREC, then you can sue, which is very expensive, and this could be
decided either way. In court, the winners, for the most part, are attorneys...
While you are disputing, you still need to sell the house. The faster you start, the better it is for you.
What is important now, is to make sure that your agent properly handles prospective buyers
questions about why the house went under agreement and then went back on the market.
They might think that there was something wrong found during inspection.
A solution to this is to ask your current buyer to provide the inspection report (and do the inspection maybe), and then put the report into the MLS (in attachments). If issues found, you can also show the receipts from contractors who fixed the issues. Being upfront is the best approach. Everybody likes transparency.
The buyer may or may not agree, however, to do the inspection or provide the report.
If the buyer disagrees, your agent should put into MLS something like:
"Back on the Market! Buyer relocated, so you could take advantage of this amazing deal - with prices on the rise" I'd even raise the price, just a little. This shows confidence in how good your property is, and there is no "buyer didn't like it" aftertaste.
You can also consult an attorney on this matter.
Best of luck,
Beachfront Realty, Inc.
Only you can decide how to proceed. Hold on to this initial disappointment or move on to the next buyer and be done with the sale faster. I agree with all other that your agent should be able to advice you as to your options.
I personally don't understand how forcing someone who does not want to do business makes it better or easier on anyone....specially when there are so many other wanting to do business, but of course we are all entitled to our opinions.
Trying to retain the buyers escrow deposit could cost you more than its worth. When you factor in your time, frustration, and legal fees it may not be worth it.
This is the buying season in Central Florida, and there is a great deal of current activity. Well marketed, and priced right properties are getting multiple offers with some being above asking price. So the chances that you can find another buyer quickly is highly probable.
Lastly, a escrow dispute could possible cloud title and put the title insurer in a position where they are hesitant to issue at title policy. They may require that the matter be resolved prior to issuing the title policy.
If you don't have a good Realtor representing you, I suggest getting one right away. The value of having a good seasoned Realtor representing you, knowing the right questions to ask perspective buyer, and managing the process will far exceed the compensation.
Michael D. Bellamy, P.A.,
REALTORÂ®, SFR, BPOR
Charles Rutenberg Realty, Inc
1900 Summit Tower, Ste. 220
Orlando, FL 32810
"The Standard of Excellence"