Posted on: 02nd Sep, 2012 06:19 pm
Hello,
I have a question regarding a situation where the purchasers backed out of buying our house the day of the closing date. We waited 2 months to sell our home to the purchaser and he has now backed out and took his security deposit with it from our realtors. Our realtor said the purchaser was not satisfied with the status of fixing two requests which we have not had enough time to deal with and has pulled out. In a market where its now flooded and prices are dropping are indication we were lead on and now are out the security fund and potentially out more on the sale of our home. We were given insufficient time to complete the requests. The entire situation seems rediculous and feel like someone has to be responsible here. Was the realtor in the wrong for giving the purchasers back the security fund and are the purchasers liable for any other damages?
Thanks,
Mike.
I have a question regarding a situation where the purchasers backed out of buying our house the day of the closing date. We waited 2 months to sell our home to the purchaser and he has now backed out and took his security deposit with it from our realtors. Our realtor said the purchaser was not satisfied with the status of fixing two requests which we have not had enough time to deal with and has pulled out. In a market where its now flooded and prices are dropping are indication we were lead on and now are out the security fund and potentially out more on the sale of our home. We were given insufficient time to complete the requests. The entire situation seems rediculous and feel like someone has to be responsible here. Was the realtor in the wrong for giving the purchasers back the security fund and are the purchasers liable for any other damages?
Thanks,
Mike.
Hi msab,
As the deal was not closed, the purchasers can demand their security deposit and the realtor was not wrong in giving back the money. I will suggest you to deal with fixes prior to listing the property for sale again. Once you fix up the property, you can even raise the property price to some extent.
Thanks
As the deal was not closed, the purchasers can demand their security deposit and the realtor was not wrong in giving back the money. I will suggest you to deal with fixes prior to listing the property for sale again. Once you fix up the property, you can even raise the property price to some extent.
Thanks
Hello msab,
Since you are depending on the money the mortgage lender will allow you to borrow, the moment your application is denied, and then there is no point in proceeding with buying, unless you have secured another means of financing.
:idea:
Since you are depending on the money the mortgage lender will allow you to borrow, the moment your application is denied, and then there is no point in proceeding with buying, unless you have secured another means of financing.
:idea:
The backing out was not option that purchaser should have done. A little time should have been allotted for dealing with the requests while the dealer also should have consulted you before returning the amount.
Austin Home Equity Loans - Mortgage Refinancing
Austin Home Equity Loans - Mortgage Refinancing