Asked by Jason, 30097 • Tue Aug 12, 2008
Recently my house went under contract. There was a stipulation in the contract that there would be a 10 day due dilligence period, where the buyer could obtain the inspection & appraisal results. After a week of not hearing anything from the buyer, I had my agency contact the buyers agent & they told me that they were withdrawing the offer because the client wasn't sure they could afford the mortgage.
Because of this my house was off the market for 10 days (and two others who had the house on their short list went under contract elsewhere), so I basically got hosed by the counterparty....and they got to keep their earnest money since they withdrew the offer within the 10 day due dilligence period. Is this really allowed? I can understand a buyer withdrawing from a contract (& keeping the earnest money) if they pay for an inspection which uncoveres problems they don't want to deal with, but I don't see the fairness of them being able to withdraw w/o even having an inspection done
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