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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Buyers backing out
The buyer of our condo is having problems closing on the sale of her home. I have a feeling she is going to try to back out of her contract to buy our condo. Has anyone had any experience with this and know what type of recourse we can take?
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Posted 5/18/06 4:37 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Suzan
LIF Adolescent
Member since 5/06 754 total posts
Name:
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Re: Buyers backing out
was your contract non-contingent upon the sale of her house?
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| Posted 5/18/06 4:46 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Buyers backing out
no contingency clauses what-so-ever....
Message edited 5/18/2006 4:53:55 PM.
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| Posted 5/18/06 4:53 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Buyers backing out
If she removed all contingencies then you can try to go after her deposit. Its not easy though- most of the rights go to the buyer in terms of backing out of the deal.
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| Posted 5/18/06 5:26 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Buyers backing out
You better hope you have a GOOD lawyer if you ever want to "force the buyers hand".
Sometimes in the contract fine print... there are contingencies in there that you may not even know about. Some contracts have tons of contingencies by default.
If you want a "no contingency contract"... that usually has to be placed in the contract rider because the general contract is too vague.
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| Posted 5/18/06 6:06 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Buyers backing out
we were interested in a house that sold only to come back on the market when the buyer couldn't sell his house.
good luck! I hope it works out for both of you
Message edited 5/18/2006 7:10:12 PM.
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| Posted 5/18/06 7:09 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Buyers backing out
Thanks everyone for you input - I will keep you all posted on what happens!
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| Posted 5/19/06 8:45 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Buyers backing out
The buyers of my home tried to buy out but they were afraid of getting sued so they were forced to go through with it.
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| Posted 5/19/06 9:12 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Buyers backing out
we had buyers try and back out but our agent is really good-she pointed out the penalities and pulled no punches.
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| Posted 5/19/06 9:47 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Buyers backing out
usually trying to hold on to the money becomes a legal battle. You could play hardball, but it will probably be easier to let them out of it.
there will be another buyer..
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| Posted 5/19/06 10:19 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Buyers backing out
Posted by Blu-ize
usually trying to hold on to the money becomes a legal battle. You could play hardball, but it will probably be easier to let them out of it.
there will be another buyer..
Yes... there are TONS of rules and regulations about pulling money from Escrow. Lawyers can be dis-barred for prematurely withdrawing escrow money.
Thats why its called escrow. Its not like you can simply take the buyer's deposit. It will definitely involve a legal battle.
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| Posted 5/19/06 10:32 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Buyers backing out
This STINKS - there really should be some type of retribution for buyers that do this. I mean - what is the point of the contract and escrow then? SOOOO Frustrating!
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| Posted 5/19/06 10:55 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Buyers backing out
Posted by lululu
This STINKS - there really should be some type of retribution for buyers that do this. I mean - what is the point of the contract and escrow then? SOOOO Frustrating!
You could try. If it happens, you can play hardball. Is there some flexibility on your part? Maybe wait for them to get their mortgage? Or do you think they are having buyers remorse?
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| Posted 5/19/06 12:43 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Buyers backing out
I am happy to update this by letting you all know that the buyer came thru and we closed yesterday! What a relief!!!!! Thank you all for your help!
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| Posted 6/1/06 2:28 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Buyers backing out
Posted by lululu
I am happy to update this by letting you all know that the buyer came thru and we closed yesterday! What a relief!!!!! Thank you all for your help!
great news!! congrats!! 
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| Posted 6/1/06 2:36 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Buyers backing out
Posted by lululu
I am happy to update this by letting you all know that the buyer came thru and we closed yesterday! What a relief!!!!! Thank you all for your help!
congrats!
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| Posted 6/1/06 2:47 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Buyers backing out
Great news!!! 
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| Posted 6/1/06 3:02 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Buyers backing out
Great news! Being a grown up is stressful!
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| Posted 6/1/06 3:32 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Buyers backing out
Posted by Blu-ize
Great news! Being a grown up is stressful!
I know!!!!! this has been soooo stressful!!!
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| Posted 6/1/06 3:52 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Buyers backing out
Yay! Congrats!!
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| Posted 6/1/06 4:31 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Buyers backing out
Congrats! That is such a relief when it happens!
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| Posted 6/1/06 4:33 PM |
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