Jason

Thank you for your quick response. This buyer already has his existing house under agreement and is scheduled to close August 15. Now his plan is to close selling of his in the morning and come to close to buy mine August 15. His buyer has signed his PNS and we are in the process of signing mine PNS.

I have little problem continuing to live in this house. We are NOT under any pressure to sell. My attorney said it would be better if he did not want to put down the 5% in the first place. This buyer has tried several times to ask for this and that. I have declined all. I told my broker he is trying to avoid all the risk, but asking me to pay his risk preminum. I am not going to do that. If he is not ready to take any tiny risk, he is not supposed to enter the market in the first place. His broker told mine very likely his house will go through anyway. He simply can not sleep tight.

Another problem I see is potential fraud. His buyer is locked to pay him their 5%. If I let him off the hook on my end, he can do anything to scuttle his deal and pocket his 5% (~20K) leaving me with two houses. And I can not sue him because I signed it. He graduated from Sloan of MIT. and is working in finance. Unfortunately, my speciality is risk amangement in credit card. I am seeing this scenario being played out second by second now. Thanks again. - Sat Jul 26 2008, 16:15