If you’ve been in the residential real estate field for any time you’ve likely had situations where Buyers walk away from a deal for reasons far and wide like they found a better deal or liked another house better which they didn’t discover until after signing another contract. And a Seller usually isn’t going to do too much to enforce any recourse against that Buyer.
But I have a deal right now where the Seller’s dragging her feet (and I know there’s not another Buyer waiting). Seller’s lawyer says she can’t get in touch with client so that they can order payoff lettters…yet deal was signed 3 weeks ago. They take 15 days to respond to basic attorney review/inspection letters. Just hard to believe. In this market with foreclosure case pending against Seller, this is what my willing and able Buyer is getting.
Hi, good post. I have been wondering about this topic,so thanks for sharing. I will definitely be subscribing to your posts.
I just met with a new buyer client and reviewed the Virginia sales contract (I’m in VA)… specifically discussing “Performance” and “Default”. It seems like you have a failure to “Perform” which will give the buyer the opportunity to pursue damages. Time will only complicate this matter so get moving today on this problem.
If she want’s out, then make an offer to terminate. Oops, she may also owe the agent a commission!
My thoughts – http://dougfrancishomes.com/category/blog/
Good luck.