Re: BOTH buyers have broken contracts before moving in! - Posted by Lonnie
Posted by Lonnie on June 16, 2000 at 16:14:42:
I never let anyone tie up a home for a few bucks. Even if they offer a substantial non-refundable down payment, you will have too many problems. Once they get home and start thinking, they have buyers remorse.Or their friend, or family member convinces them what an idiot they are, etc. And regardless what they agreed to, they will fight to get their deposit back.
I just tell them to call me when they have all the money, and if I still have the home, we’ll talk. This way, you haven’t allowed someone to take your home off the market, and prevent you from selling it to someone else.
Last year, I sold a home and transferred title. The buyer changed his mind before even moving in, and wanted all his money back. I refused, and he reported me to everybody he could think of. I forwarded copies of all the documents he had signed, to all those people, and that was the end of that. My point is, even with everything documented, you will occasionally have some jerk that places no value on their word. They will promise anything.
You have to stay in control. By taking a deposit to hold the home, the other party has the leverage. That’s not the position you want to place yourself in.
Hope this helps,