re: Backing out of Purchase Agreement

It's clear you've already decided what to do. You aren't picking up any additional backers in this thread, so go forth. Do report back though.

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I want to make sure I'm understanding this correctly. So it's expected of me to let the buyers off the hook? Regardless that a written contract was broken? If I don't let them off the hook, it makes me an arse? What's the point of even having a purchase agreement if buyers can take a dump on it and not be liable in any way after the inspection period is over? Isn't there a reason the inspection period is X number of days? If not, you could just say, "yeah, that's cool, just show up for closing if you want to. If not, don't sweat it."

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Over the course of a lifetime, the average person is involved in probably two or three home sales. Based on those limited experiences, some may think that most people are just doing the best they can and mistakes happen. And mistakes should be forgiven. Maybe so. Mistakes do happen. But just like if I punch the wrong symbol and buy the wrong stock, a mistake can be costly. Additionally, some mistakes are honest boo-boos and some are based on someone trying to be slick. Having been involved in hundreds of real estate transactions over the years, and having had my faith in mankind pretty much dissolved because of some wild, weird experiences, I'll stand by what I said previously. Depending on the laws and practices in your state, return of the earnest money deposit (especially if it's being held in escrow) may not be solely your decision. But at least in my state, until there is a meeting of the minds on this situation and releases are signed, that money isn't going anywhere. At least here, that is a solid fact. I don't care if they have a kid named Tiny Tim who needs new crutches. I just follow the terms of the contract and don't get into who is good, who is bad, who deserves a break today and who doesn't.

Until contract releases are signed, it sounds as if there is still a valid contract in place. So if the purchasers change their minds again (maybe the house they REALLY want falls through), they're still entitled to purchase your home. Contracts to purchase real estate are written to protect both parties. I've seen too many people experience convenient memory losses about what was or was not said too many times. And I do NOT assume that even the sweetest looking couple isn't floating multiple offers around town, inserting weasel clauses into each one, so that they can get the pick of the litter. I don't know. I don't care. Dealing with too many ditsy housewives from 30 years ago, who felt entitled to change their minds every fifteen minutes, is a big reason why I have the attitude I have now about enforcing clauses in real estate contracts.

Make it easy. Call a meeting with your agent's broker. He likely has a say in how this plays out too, since his agent was the procuring cause of sale. And he'll likely have a chat with the other agent's broker. If they're not in the mood to fight, it likely won't be worth your time to pursue any sort of court action. As for the back and forth about who told what to whom, how and when, I lost track of that in the thread. But don't think for a second that you should feel bad because someone else f'ed up. Maybe you don't have to "go Roman" on them, but don't ever feel bad about enforcing the terms of a valid contract.

If you do more deals in the future, sooner or later you'll deal with an investor. And if you have a soft, squishy heart, he'll bend you over in a New York second. And I promise you, he won't lose any sleep that night.

Good luck to you. I hope it works out and you get it sold.