what are my options when buyer backs out last minute?
immoving
11 years ago
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Mick Mick
11 years agoRelated Discussions
What are the chances of a buyer backing out at the last minute?
Comments (26)This is has got to be one of the best closing stories. Its funny now, but it sure wasn't very funny at the time. After my wife's mother passed away, it was up to us to sell the house. It was a cute little 1920's house that did need some things done, but it was still a nice place. We had what we thought was a good offer from a really strong buyer. He was a college professor that was living in Italy and had just moved to town to take a job at a local college. My wife's father was a teacher, my wife and her brothers all went to this college, and we thought it was so cool another teacher would be living in the house. Like it was destiny or something. Everything went very smoothly, no problems at all. All house inspections went fine, his loan was approved, etc. Then 2 hours (yes TWO HOURS) before closing, our realtor called us and told us the whole thing was cancelled. When the whole story broke it was totally unbelievable. We assumed that this buyer was renting a local house or staying in a hotel. No, not the case.........he and his wife were living in a tent in an abandoned lot. Can you believe that? A tent! His loan was approved based on the fact that he had enough of a downpayment. This downpayment was based upon him selling a classic car that was still located in Italy. The car never sold, therefore no downpayment, therefore the whole deal was off. I think we were more angry with the bank to allow it to get this far than we were with the goofy buyer. Even funnier........even though the sale never went through, this bozo had already changed his mailing address to the property address. We got all of his mail for about 2 weeks afterwards. Goes to show ANYTHING can happen. Cross your fingers and hope everything goes through. Good luck!...See MoreDo sellers step out of the house when it is being shown to buyer
Comments (31)We've sold a number of houses and each time, if we were not at work, I would take the dog for a walk and my wife would go sit out on the front porch. She would tell the realtor if they had any questions to ask away and left them alone. The last house we sold worked quite well. The buyers came out and sat down with my wife and just had some generic questions. When they came back for another look, I was there too. We all sat on the front porch and we talked about the community, how well the roads were plowed in winter, the neighbors, etc. They stayed for almost an hour. The following day we got a full price cash offer with no contingencies. No inspection, no nothing. It's been over 12 years, and they're still there....See MoreGrrr! Best man and groomsman back out at last minute
Comments (12)When I married my ex 11 years ago (very small wedding), I asked an old friend to be my MOH. Since she was going through rough financial times I got 2 dresses from my sister who is the same size. This "friend" couldn't even try them on. It got to the point where I wanted help picking out flowers. She always had an excuse & when I asked a few weeks before the wedding if she tried the dresses on, she said no, I decided to give the position to another friend who was helping me with flowers etc. Friend #1 stopped speaking to me for years but finally came around telling me she was so strung up on drugs she couldn't focus on anything else. When I got married almost 3 years ago, she expected to stand in that MOH spot. I decided that I didn't want a repeat (she lives about an hour from me- giving her another excuse) so we went to FL to be married. We invited 1 family member, hubby's grown son as well as his wife. Hubby paid for their plane tickets & was going to pay for their room. They got into a fight about who's car to take to the airport. She won, they took the old car which broke down. After us arranging them to get on the next flight, they fought so much that hubby told them not to come. She was afraid to get on a plane after 911. Hubby ended up fixing their plane tickets so that they could use them for something else, but they never did. It hurt not having his son there especially since he was the only family member invited. Thankfully we had internet friends coming that stood up for us. Good luck with both of your weddings. Thankfully you had enough time to make other arrangements. I don't know what is wrong with people these days, some are so hung up on themselves they just don't care about anyone else. Weddings are stressful enough, you don't need this on top of everything else....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 Morekats_meow
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