Buyer cannot be contacted - Posted by Lee

Posted by Ed Copp (OH) on September 22, 2003 at 19:03:38:

It may be that the buyer is in complete compliance with the agreement and just not returning calls, for whatever reason. There is no way to know. You can not just terminate the contract, the buyer has rights as you have mentioned.

You might be able to create a back up contract with another buyer that is conditioned on the failure of the first contract.

Buyer cannot be contacted - Posted by Lee

Posted by Lee on September 22, 2003 at 10:06:35:

Hi,
I have a signed P&S and a deposit from a buyer. The contract has both a buyer financing contingency date and a contract expiration date. When following up with the buyers lender, they say she has not contacted them, and will not return calls. I have also tried to contact her, but to no avail. Do I have to wait till the contract expiration date before moving forward with a new buyer? I have a back-up buyer, but fear the repurcussions of moving forward before the end of the contract, which is 40 days after the financing contingency date. Any suggestions?

Thanks

Re: Buyer cannot be contacted - Posted by Nate(DC)

Posted by Nate(DC) on September 22, 2003 at 12:13:11:

Does the buyer have an agent?

Re: Buyer cannot be contacted - Posted by John Merchant

Posted by John Merchant on September 22, 2003 at 10:24:09:

Lee, this sounds important enough to take to your lawyer…if you don’t want to await agreed closing date, you should seek professional advice before unilateral(one-sided)rescission (termination) of your agreement.

It may be that buyer is already in breach of your contract, and if so, you’ll sure be on firmer ground than if he has not.