If settlement terminates (buyer did not wish to buy - agreement did not workout between seller and buyer)

Asked by L Neik, 19711 Sun Nov 8, 2009

If settlement terminates (buyer did not wish to buy - agreement did not workout between seller and buyer for few things) at the settlement, what would be the worst scenario in terms of loosing money (how much) for buyer?
Is there a law that a buyer should not be forced to buy a house under any circumferences even at the 11th hour? May be there is a penalty to buyer and what it is? Can you be generous to give your opinion on this?

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Sean Dawes, , Philadelphia, PA
Sun Nov 8, 2009
Having your agent put money in really is just coming out of their commission. I have done it to close a deal.

For $1,000 this seems like they are using this as a way of not selling there house.
0 votes
Sean Dawes, , Philadelphia, PA
Sun Nov 8, 2009
Where are you buying? In PA?

Are there realtors on both sides? Meaning did the seller use an agent to list the home and then you found a totally different agent to help you with the buying process?

Why doesnt the seller want to fix the inspection problems? Do they not have the cash? If that is the case, can they restructure the sales price and then close that way? Or if you do not have the cash, lower the price to reflect the cost of inspection issues then do a 203k renovation streamline loan to make the deal happen.

I can go into more detail on these options but first let me know why you think they wont sign.

How much is the total cost of repairs on the addendum?


Sean Dawes
0 votes
Sean Dawes, , Philadelphia, PA
Sun Nov 8, 2009
Depends at what point of the contract did the buyer back out and why. If it is last minute and just because they didnt want it, they will most likely lose all deposit money. Are you using a realtor to help you on the buying side?



Sean Dawes
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