Buyers may be backing out...
auntciss
15 years ago
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auntciss
15 years agolast modified: 9 years agoRelated Discussions
what are my options when buyer backs out last minute?
Comments (24)"Why would they make up fake loan stuff to get out of your deal?" Because people get buyers remorse or they find a house they like better for a lower price - and they would rather blame it on a loan not being approved than to be honest about it. Blaming it on the loan is the easiest way out. Them giving up their deposit w/o a fight showed they were feeling responsible for what happened. It was cheaper to let the seller keep the $3k than to risk getting sued for all the other expenses. Had their loan been denied, and they felt it was not their fault "because the loan officer never told me I couldn't claim child support" - don't you think they would have fought harder to keep that money? And if they can't qualify for the loan, that tells me $3k is A LOT of money to them - money they can not put down on the next house - why would they so easily let that go? Obviously the seller also thinks there was something fishy about this - otherwise they would not be interested in seeing the loan documentation. I had a similar situation happen to me when I was selling my house. The buyer was the son of a very prominant business owner, who was also a partner in the family business. They had a "preapproval letter" (which I now realize is worthless). After they already had a contract on the house, they wanted about $12k worth of furniture, but was only willing to pay $5k for it. We were negotiating the furniture price only 24 hrs before I had scheduled movers to come pick it up and deliver it to my other house. I told them if we can't agree on the price before the movers take it, YOU will pay to have it moved back to the house should you change your mind. We couldn't agree on a furniture price, but this was not part of the house sale, so I assumed they were still going forward. Only 4 days later I was informed they couldn't get their loan, the deal was off, and I had to refund their deposit. I figured they were mad because they couldn't get the furniture, and just for spite they decided to go elsewhere. Either that, or they just found a cheaper house. I found it really hard to believe they failed in obtaining a loan....See MoreBuyers backing out, but it was their idea! Now what?
Comments (18)millworkman Yep it is the sq footage. Only certain things truly matter * sq footage (around here if you have to adjust u or down for sq footage on a comp, it is NOT the sold price divided by sq footage x differing amount - it is $25/ sq ft + or - * number of bathrooms - $3000 for full, $2250 3/4 and $1500 for 1/2 *basement vs crawl vs slab ($4000-5000 for full basement vs $2500 for crawl vs slab) * garage bays $4000 per bay * fireplace $3000 wood stove $1500 *decks and porches - $1000 * garden sheds etc $1000 per * additional acreage (1/2 -1 acre ) $4000 if not dividable. If dividable,, market value of lot Conditions - difference between average (big box appliances and laminate counters and linoleum and above average (some tile in places, solid countertops, wood floors) is 10-15% overall at most. So no your choices of lamp fixtures or how much you put into it really don't matter. _____ whit cpartist is 100% correct - appraisers only can go with SOLD homes and 'pie-in-the-sky hey It should go up in value' does NOT count. Nothing you can do about the buyer's backing out because it did not appraise. D O E S N O T matter what your appraiser comes up with -- only thing that matter is what the buyer's LENDER'S appraiser came in with. It is not the buyers who are saying they don't think it worth the price -it is the buyer's LENDER and thus the lender will not loan enough for the purchase. And unless you have it in writing that they will make up the difference between price and loan in cash, you can NOT make them do it. Other than using the appraisal you paid for to get an idea what to list it for with a realtor, you wasted your money. Nothing you can do short of offering to carry a 2nd mortgage - and have real doubts their lender would go along with that. Better have someone - like a lawyer - look at your contract. Seriously doubt you can keep their deposit if they gave timely notice that they can not get financing. I am a retired lawyer - never saw a standard real estate contract to purchase form that did NOT require seller to return the deposit if the buyers couldn't get a loan commitment for financing and gave the seller timely notice. Who said this and who said that means ZERO in a real estate sale. Only thing that counts is what was put down in WRITING in the final signed document. Doing DIY contracts on something like real estate is not a good idea - an incompetent has a fool for a lawyer drafting the documents...See MoreBuyers backed out and I'm trying not to be sad :-(
Comments (25)Thank you everyone. I read your replies last night before going to bed and that was the first time I shed tears over this whole thing. We need to keep our perspective because we don't NEED to sell this house. So all the never ending projects are done and now all we have to do is maintain and enjoy this house. I think we're going to have a party just because. Allison0704 "I can't believe you are selling - saw your post on house thread. I can't believe we are considering moving either." I know, I guess we get the itch on the same schedule! (Allison and I were building our homes at the same time, back in 2006.) lukkiirish "As an ex-realtor, my RE experience has me guessing that this buyer would have been a real PIA anyway." Well, he is a lawyer. ;-) kswl2 "I don't believe home sales are governed by fate, or any kind of divine or otherwise cosmic direction, so the phrase "it wasn't meant to be" is meaningless to me. There is a known cause and effect here, one over which you had no control. It's a shame they backed out, better luck with the next prospect!" I tend to agree with you unless I'm the one on the receiving end of those phrases. They sure mean a lot when I'm down in the dumps! The control part is what we are having a hard time with the most. The buyer relays info to his agent, the agent relays to our agent, then our agent relays to us. There's bound to be a loss of communication down the line. Plus, add in the HOA secretary, HOA president & HOA ACC - lots of people involved and talking to the buyer. Who knows what was really said. MtnRdRedux "LOL, KSWL does not mince words." No she doesn't. That's her best feature! "...useless, self-pitying carrying on and wild, fruitless speculation..." I read this to DH and he wants to know if you were hiding behind a bush in our backyard, while we talked for two hours on our back porch! Wild, fruitless speculation indeed! arkansas_girl "It seems as if, unless these people could find a place that already had the building they need in the back yard, they will not find anything that will give them an approval on a phantom building?" Apparently, they have given up. Their agent said that they have their eye on some commercial property for the workshop and then will buy a house separately. That seems very odd to me. Also seems that their agent might bank a little more if this were the case . . ....See MoreBuyer backing out before inspection and wants Ernest money?!
Comments (22)Lilysmom...you need to look at the contracts used for your state. They all vary. Many use an inspection period/termination option period. They give an option to terminate, depending on which you have in your contract. I was in the car business for 12 yrs, in tx, nm, and fl...we often had people think there was a 3 day right of recision on cars. There wasn't for those states, or most if not all states. You can Google your state for more specific laws on the right of recision. In general, it's only on products bought thru door to door salespeople, or on Refis on a primary residence...not a vacation home/investment property....See Moreclg7067
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