Posted by Robert (ID) on December 24, 2000 at 11:18:26:
Everything turned out okay. The T/B decided it was a good deal and that nobody else was offering what I was.
Happy Holidays,
Robert
Buyer wants out? - Posted by Robert (ID)
Posted by Robert (ID) on December 22, 2000 at 10:04:43:
Wed. Night buyer signed option agreement and gave me $1500. option consideration. His aunt used to be a realtor & said this L/O stuuf was not good and he wants to back out.
My question is: Is there a redemption period, like 3 days where I have to give the $1500.00 back. The house is a good deal for him, he’s getting a chance to rebuild his credit and he is also getting $200 a month rent credit on his $600.00 payment. The deal is sweet for him, but his Aunt doesn’t understand L/O.
I will give his money back, but would like to get him to understand the chance he is getting. Please help!
Thanks,
Robert
Re: Buyer wants out? - Posted by B.L.Renfrow
Posted by B.L.Renfrow on December 22, 2000 at 23:42:11:
Depends upon the wording in the option agreement and your state law as to whether the buyer can change his mind and get his money back.
My option agreements say NONREFUNDABLE in big, bold letters, which I have the buyer initial when they sign the agreement. Nevertheless, since it’s only been two days, the best course may be to just give the money back and find a real buyer. Don’t forget that if you had expenses – like obtaining credit reports, preparing paperwork, etc., you are entitled to reimbursement for that, absent a state law which says otherwise.
If this is a strong buyer, before I would give up entirely, I’d offer to sit down with the buyer and the aunt and explain it to her and let her ask questions. No doubt her background as a Realtor has left her with the impression there’s only one way to buy a property. Unless she’s a total fruit-cake, maybe you could turn her around and still have a deal.
If there’s no right to rescind, I wouldn’t be above pointing out to the buyer and his aunt that he has signed a legally binding agreement with which he is obligated to comply and watch him squirm a bit.
Brian (NY)