Buyer Backs Out after contract signed - Posted by Ted Bowen

Posted by Tom-Pa on May 22, 2000 at 17:11:12:

Ted, I hope there was a lesson learned here. At least it didn’t happen a month from now, after your property was off the market for a month. Good Luck. Tom

Buyer Backs Out after contract signed - Posted by Ted Bowen

Posted by Ted Bowen on May 22, 2000 at 14:45:45:

It must be Monday…

I had a buyer last week for a house that I was selling and they signed a contract to purchase. They were pre-approved thru Wells Fargo mortgage and I confirmed this with the lender, so I did not get any earnest money(MISTAKE!!!). Now the buyer faxes me a letter stating that they are no longer interested in the house and of course I cannot get them on the phone now.

Any suggestions??? other than to find a new buyer. I am out a little bit of money for the abstract update that I oredered, but thats about all besides a whole lot of aggrevation.

I hope your day went better

It depends… - Posted by B.L.Renfrow

Posted by B.L.Renfrow on May 22, 2000 at 21:31:47:

…on what the purchase contract says about the buyer’s default.

From a practical standpoint, the seller’s remedy is usually the buyer’s earnest money. To bring a lawsuit to force specific performance is usually not worth the effort and expense.

I assume next time around, you’ll get some money up front. Call it a lesson learned.

Brian (NY)