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Message
Buyer backs out of home purchase 4 days before closing
Posted on 10/29/13 at 1:51 pm
Posted on 10/29/13 at 1:51 pm
Buyer called the listing agent on a Tuesday night to rescind the purchase agreement and threatened the agent if he and the seller tried to sue for breach of contract. Buyer claims it is because of a failed radon test, but it was ten days after the inspection and test. The seller agreed to provide a radon reduction system.
The closing is on Friday. Seller is going to go after him and the agent filed a police report. Will they be successful? Should they still go to the closing?
The closing is on Friday. Seller is going to go after him and the agent filed a police report. Will they be successful? Should they still go to the closing?
12
Posted on 10/29/13 at 1:54 pm to pottymouth
Police? I don't see anything criminal in there?
Posted on 10/29/13 at 1:56 pm to pottymouth
Did buyer rescind the offer before or after specified inspection period on purchase agreement?
This post was edited on 10/29/13 at 1:57 pm
Posted on 10/29/13 at 1:56 pm to pottymouth
Please tell me they put down a nice sized deposit. Because I love stories like that.
Posted on 10/29/13 at 2:03 pm to pottymouth
quote:
The seller agreed to provide a radon reduction system.
Unless there has been a major technological breakthrough that keeps naturally occurring radioactive materials from forming there is no such thing.
quote:
Will they be successful? Should they still go to the closing?
In the end it sure sounds like the additional legal expenses and months of litigation associated with chasing the buyer should be considered. You may be better off cutting your losses and finding another buyer.
This post was edited on 10/29/13 at 2:05 pm
Posted on 10/29/13 at 2:10 pm to pottymouth
Just use first-person nounds.
Posted on 10/29/13 at 2:14 pm to wiltznucs
quote:
In the end it sure sounds like the additional legal expenses and months of litigation associated with chasing the buyer should be considered. You may be better off cutting your losses and finding another buyer.
That's what I am thinking, too, but they already entered into a contract on another house. She breaks horses for fun; he doesn't know who he is messing with.
It is in Ohio, so there will be radon in every basement. That can't be the only reason the buyer is backing out on the deal after the inspection period was up.
He did threaten the life of the agent over the phone.
Posted on 10/29/13 at 2:17 pm to boosiebadazz
Shoot, I wouldn't live in Ohio if someone gave me a free house.
Posted on 10/29/13 at 2:22 pm to pottymouth
quote:
Buyer claims it is because of a failed radon test, but it was ten days after the inspection and test. The seller agreed to provide a radon reduction system.
lol, what do they live next to?
quote:
Seller is going to go after him and the agent filed a police report. Will they be successful? Should they still go to the closing?
All of these questions are loaded. Need a lot of details that probably shouldn't be shared at this point.
Posted on 10/29/13 at 2:34 pm to rmc
Simply keep the deposit. Seller agreed to remedy the issue the buyer had and the buyer had a change of heart. Keep the deposit and let the buyer spend more $$ trying to get their deposit back.
Posted on 10/29/13 at 5:40 pm to pottymouth
Had a buddy that was recently forced to sell a lot by a judge based on a poorly worded purchase agreement when they decided they didn't want to sell...
Posted on 10/29/13 at 10:35 pm to pottymouth
Police report? How is that justified?
Posted on 10/29/13 at 10:45 pm to pottymouth
Is it a performance contract or an earnest money contract?
Posted on 10/30/13 at 4:30 am to guttata
quote:
Simply keep the deposit. Seller agreed to remedy the issue the buyer had and the buyer had a change of heart. Keep the deposit and let the buyer spend more $$ trying to get their deposit back.
This is the only answer.
Posted on 10/30/13 at 7:04 am to fishfighter
No way cops will be involved IMO. As others have stated, seller will likely get deposit
Posted on 10/30/13 at 7:06 am to pottymouth
quote:
the agent filed a police report.
Posted on 10/30/13 at 8:16 am to fishfighter
quote:
Simply keep the deposit. Seller agreed to remedy the issue the buyer had and the buyer had a change of heart. Keep the deposit and let the buyer spend more $$ trying to get their deposit back
I agree with this answer as well. What purpose do you think a deposit serves?
Posted on 10/30/13 at 10:14 am to pottymouth
buyer keeps the deposit and put's the house back on the market
Posted on 10/30/13 at 10:38 am to Fat Bastard
The buyer threatened to come over with a gun and shoot the agent. Does that not warrant a police report? Shouldn't he cover his bases?
Posted on 10/30/13 at 10:57 am to pottymouth
Yea that's a small detail you left out but has nothing to do with the house.
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