Realtors are not lawyers and cannot give legal opinions. But the real scenario here is that you have a home in Katy. The market is hot, and you have everything in place to quickly sell your home.
It is a hassle, but renting some furniture and putting the house back on the market will probably bring you a much better result. Selling your home should be a pleasant experience, not a dreaded one.
I'm sure your Realtor can help you through all of this. If you did not have a Realtor (For Sale By Owner) you now know the reason why you should.
Best of luck to you.
Arnold Richie, RealtorÂ®
Terry Burnaman Realtors
Take a deep breath. Then speak to your listing agent and his/her BROKER immediately for their advise! Meet at their office to make sure the broker, the listing agent's boss, is fully engaged.
Have them find out the reason for the sudden reverse. Is this a financial reason? Was their a loss of a job? Is there something around your home they discovered such as a sex offender or a barking dog? There has to be a reason other than "not liking Katy"! Good idea to check in with the lender to see if there was something discovered last minute that would not allow the financing to go through.
Most contracts are marked you will mediate issues before hiring an attorney. Check on that. See if there is anyway to keep the contract alive. If all else fails, including mediation, then seek help from an attorney. You have rights beyond just keeping the earnest money the buyer deposited.
So sorry. Keep pressure on everyone and hopefully you will get a good result. The market in the Katy area is strong, you will likely be able to sell it quickly once the home is back on the market...to a stronger buyer this time!
Bernstein Realty, Inc.
You have a contract in place, and, assuming all the contingencies have been met, the buyers cannot just walk away without suffering a loss.
Does your contract allow you to sue them for breach of contract, and for your losses..... or do you only get to keep the $2000 that is on deposit?
You really need to speak with an attorney. I also hope your agent is working on your behalf to encourage the buyers to honor the contract.
This is a terrible situation for you and your family. I am so sorry for you, and I do hope things work out.
I also hope that an attorney can help convince the buyers to be honorable and remain in the deal.
You haven't mentioned your Realtor ... what is his/her reaction, and what advice has he/she given you? Has the buyers' agent been involved in any manner, other than being the messenger of bad tidings? Is the other side aware of possible litigation, or do they believe that buying you off for $2000 will suffice? Sometimes the real possibility of being sued can dissuade people from taking a course of action that can prove disastrous.
Are both brokers proactive? They should be. Let's hope for the best ... please keep us posted.
If the loan is approved you might can force it to go through.
You may need your attorney to write a strongly worded letter to them if they are in breach of the contract.
Review with your realtor, their broker, the title company and your attorney.
In my area, we routinely hold 10% of the purchase price for the very reason you are describing - it is a large amount of money - enough that should keep most buyers from thinking they could simply change their minds, breach the contract...... and walk away without any pain or penalties.
I would find a real estate attorney, ASAP, who can send a letter warning the buyers what they might expect if they do indeed breach the contract, and do not show up at closing.
Now.....with this being said - are there ANY open contingencies the buyers could use as a reason to walk away? Is their mortgage in place?
Are all the "i's" dotted, and "t's" crossed??
Seek legal advice right away.
How did you find out the buyers are planning to walk away?