Disgruntled…, Home Buyer in 05478

our buyers loan officer talked them out of buying our home!

Asked by Disgruntled Homeowner, 05478 Tue Sep 29, 2009

we accepted a full price offer on our home last week. the buyers were pre-qualified and left a deposit. yesterday they met with their loan officer who talked them out of buying our home since they are nearing retirement age and had them put a stop pay on the deposit check! can the loan officer do that? and can our buyer really place a stop payment on their deposit?

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Edith Karoli…, Agent, Winnetka, IL
Wed Sep 30, 2009
Hi ...
I am not sure I fully understand the situation, it seems that there are no Realtors involved. Am I right?
As you are not talking about your Realtor and you are not talking about the Buyers' Realtor.

And I also do not hear anything about a real estate attorney/s.... Either one of them The Realtor who listed your home, your real estate attorney who would look over the contract, could clarify the situation for you!

Look at your contract, have a real estate attorney look it over if need be, and see what the clauses are
that will allow a buyer to get out of the contract.... (for example cannot get the loan would be one! Found something wrong during inspection would be another one)

You need to connect with a professional if you did not do the contract with a Realtor on your side and a real Estate Attorney.

Good Luck to you!
Edith Karoline YourRealtor4Life!
Working always in the very BEST interest of her clients...
0 votes
Element Real…, Agent, Burlington, VT
Wed Sep 30, 2009
Are you working with a Realtor? If so, what was there reaction?

In Vermont, there are many ways for a buyer to terminate a contract but this does sound odd.

Give a call if you'd like to discuss.

Dan Cypress
Realtor®, EcoBroker®, MBA
RE/MAX North Professionals
875 Roosevelt Highway
Colchester, VT 05446

Web Reference:  http://www.RealEstateVT.com
0 votes
Fred Griffin, , Tallahassee, FL
Tue Sep 29, 2009
See a Real Estate Attorney for Legal Advice.

It depends on what is written in the contract between you and the Buyer.

Again, see a Real Estate Attorney.

Best wishes,
Fred Griffin.
0 votes
Carol McAlis…, Agent, Nashville, TN
Tue Sep 29, 2009
What has the listing agent or selling agent said about it????? They should have explained what was going on to you. I have never heard of such a thing and wondering how you spoke to the buyers lender? if they had a mortgage, finance contingency, all they have to do is give them a denial. If not, then I would ask your agent or an attorney what to do about it. If they don't want, and there was a finance contingency, you are back on the market with the loan denial.
0 votes
Patrick Thies, Agent, Anytown, IL
Tue Sep 29, 2009
If there is a mortgage contingency in the contract, the lender could deny their loan application and they would be within their rights to back out of the contract. Check with an attorney to be sure.
0 votes
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