Home Selling in 49423>Question Details

Writers Need…, Home Seller in 24008

What recourse do I have against a buyer who walks 4 days before closing?

Asked by Writers Need 1, 24008 Thu Apr 12, 2012

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13
If you used a Realtor, make sure they consult MAR hotline. This is a free service to Realtor members in the state of Michigan. They will give your agent the best recommendation given your situation. You can also sue the buyer, but often the costs associated with doing this is not worth it. In most situations you are better getting the home back on the market, and sold to another buyer.
0 votes Thank Flag Link Fri Nov 16, 2012
Other than retaining their earnest money deposit there's typically not much you can do. You should refer to your sales contract to see what other options you might have available, though attempting to sue a buyer for specific preformance is simply going to prove to be a waste of time, money and effort.

Get the house back on the market and speak with your agent about how you can better pre-qualify a potential buyer.
0 votes Thank Flag Link Fri Apr 20, 2012
Nothing really, let it go, it happened to me.
0 votes Thank Flag Link Fri Apr 20, 2012
Depends on the situation. If the inspection was bad, lost their job. Could be another issues.
0 votes Thank Flag Link Sun Apr 15, 2012
If you are represented by a Realtor they will have that answer for you. It really is dependent upon the reason and what is written in your purchase agreement. Additionally, you can go to http://www.justanswer.com and ask a legal question for free. I don't know if they will have the answer but it's worth a try. Calling a real estate attorney is always an option. I hope you can resolve your dilemma.
0 votes Thank Flag Link Thu Apr 12, 2012
There really is not enough information to give you a definate answer. We don't now if it was a cash offer or the buyer was getting a mortgage. We don't know if it was during the inspection period. We don't know what the Purchase Agreement stated. We don't know who is holding the EMD. All I can say is I hope you are working with a Realtor, if not get an attorney. Realtors cannot give legal advice.

Good luck
0 votes Thank Flag Link Thu Apr 12, 2012
As noted in previous responses to your question, depending on how the purchase contract is written, you should be able to keep the earnest money deposit. Again, depending on the reason for the buyer walking away and how the contract is written you may be able to go to court to sue them for performance of contract. I am assuming from your question that you may not have a realtor working for you. If that is the case, you may want to contact an attorney to review your contract to see what recourse you have. I wish you well in your resolution of your situation. Let me know if I can be of further assistance to you.

Roger Roe
American Home Land Realty
Holland, MI 49424
616-796-9784
0 votes Thank Flag Link Thu Apr 12, 2012
I'm sorry to hear about your difficulties. If you have an agent they should be able to guide you. If you don't speak with an attorney immediately. The usual recourse if the buyer just walked without having been denied a mortgage would be to retain the earnest money deposit. If they were denied a mortgage there is usually no recourse. You can also sue them for performance on the contract but it can be difficult and it keeps your house off the market during the (timely) process.

Again, depending on the reason the buyer walked I would recommend (after you and your agent determine what's happening with the deposit) that you sign a mutual release and get on with getting your home back on the market. For future reference make sure you have a sizeable deposit to hopefully avoid a repeat.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Thu Apr 12, 2012
I hope you used a Realtor and didn't try to sell the property yourself. If you had an agent and all contingencies had been met, then you would be entitled to the Earnest Money Deposit and your agent can help you with this. If you tried to sell yourself without any help from an attorney or knowledgeable real estate professional, then I hope you took a sizeable deposit and have good contracts. If not, then you are probably out of luck.
0 votes Thank Flag Link Thu Apr 12, 2012
I did have a realtor. Small town, they don't like to fight. She tried to get me to split the deposit. I refused.
Flag Thu Apr 12, 2012
HI Michigan

If all contigencies where released you should be intitled to the earnest money deposit. You also could take them to court to force the sale.
0 votes Thank Flag Link Thu Apr 12, 2012
Buyer has not given a reason other than "personal issues", wants me to split the deposit with her. I have refused to sign a mutual release and the closing should be taking place tomorrow. I'm not sure where to go and my realtor is MIA, I've relocated to Texas
Flag Thu Apr 12, 2012
At a minimum you would keep the deposit. You may sue for damages...difficulty would be in proving what those damages are....
0 votes Thank Flag Link Thu Apr 12, 2012
My redemption period for the sale ends in two weeks. My credit and my future seem to be at a much higher risk if she doesn't go through with closing.
Flag Thu Apr 12, 2012
In Colorado, keeping the earnest money is usually a seller's only recourse if the buyer walks away from the deal. The options for your recourse should be a part of your contract to buy/sell real estate. If you don't have an agent or an attorney, I would recommend that you talk with one so that you can fully understand your state's contract and your options.
0 votes Thank Flag Link Thu Apr 12, 2012
Thank you Erin. The home is in Holland Michigan, no one seems to know what they are doing up there. I'm in Texas...very far to manage it myself.
Flag Thu Apr 12, 2012
You may keep their Deposit
You may sue them.
0 votes Thank Flag Link Thu Apr 12, 2012
Thanks Ron, Sue them? For what?
Flag Thu Apr 12, 2012
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