Home Selling in Ravenna>Question Details

Melissa, Home Seller in Ravenna, OH

We had a offer on our house for short sale that has been approved by the bank. They scheduled the home

Asked by Melissa, Ravenna, OH Tue Mar 31, 2009

inspection and we got the results back monday. We (we being our agent, and us as the sellers) immediately tried to make contact to work out all issues on the inspection report, but were unable to get ahold of the buyers. We talked to their agent, who said that he received word that the buyer has switched agents, and the impression he got was that they were backing out of the deal. We have since been unable to locate the buyer's new agent, and the buyer will not get back to us either. Are they liable for anything for backing out of the house deal without ever making contact with us? They are under a contract when they signed the offer, so they should not be able to just walk away without reprocution.

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Some information seems to be missing. Usually the buyer pays for the home inspection, and the results of that inspection should only be made to the party that paid for it. From what I read, you are the seller. They buyer had a home inspection performed at their expense or yours? One has to wonder how you obtained the results? Normally it would be up to the buyers to ask for repairs based on the outcome of the inspection. Did you as the seller decide to be proactive and attempt to unilaterally make the repairs per the inspection?

It is very common for buyers to become discouraged during the lengthy waiting time while dealing with a lender in a short sale. They often bolt and move on to other properties. The standard answer in your dilemma is that you should contact a real estate attorney. In the long run you may end up spending money you will never recover. It may be best to move on and find another buyer.
0 votes Thank Flag Link Sun Apr 5, 2009
Hi Melissa,

You already received good answers. It seems that the buyers did back out of the deal and your agent can look for other buyers now. If the first buyer is still interested you will know shortly. Once you get out from under this house, if you need assistance with credit repair I will be happy to assist you. Good luck and I hope you are able to push through this short sale soon.

Hannah Fliegel
The Credit Restoration Expert
0 votes Thank Flag Link Wed Apr 1, 2009
A short sale is alwayswith the "lender approval", which it seems you received. I would assume the lender is in contact with the sellers. In the end, the sellers would have to sign the paperwork, which the lender may be able to get them to do, with or without an agent. The first listing agent should have the lender info and should be at liberty to disclose that information to YOUR agent. Now, assuming the lender says they have the full cooperation of the sellers, that doesn't mean the sellers will fix anything arising out of the home inspection, which they are really under no obligation to do. The home inspection is for you to ascertain all maintenance issues of the home and gives you the right to walk away if they are too overwhelming for you. IF you want the home, I would suggest you deal with the home inspection issues later yourself and have your agent deal directly with the lender if the lender is in contact with the seller.
0 votes Thank Flag Link Wed Apr 1, 2009
In Texas, our contracts have an Option Period. The Buyer may walk away without reason if it's during this Option Period and lose the money he paid the Seller for that time. If it's outside of the Option Period, then the buyer could lose the earnest money.
0 votes Thank Flag Link Tue Mar 31, 2009
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