Reply to Buyer backing out of no contingency contract

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It's the agent again.

These are all good questions. I agree, I was stunned when my client just up and decided to not buy the house for no real substantial reason. It's been going on for months now. Unfortunately, everyone has to get lawyers if the settlement attorney can't handle it.

In your contract the buyers should have named a settlement attorney. You need to contact that company and explain what's happening and see what they say. They represent the contract - not either side. Their opinion will be most important here because even if both sides get lawyers (I know - you don't want to do that but just as an example) the lawyers have to call the settlement attorney to get the scoop, and the settlement atty is going to say the same thing to them that he said to you and the buyer. So that becomes important because it's not worth it for each side to lawyer up just to all reach an agreement that would be what the settlement agent says anyway.

The other bullshit thing here is that you forfeited other offers for theirs because it appeared more solid, and as such, you likely have much more than a $2000 loss here - and should you lawyer up, that could be proven. Your goal should be to get back on the market asap before the summer starts though, and as much as I would love to see you force their ass to buy, it's doubtful you can make them. I never thought my client would go so off the wall batty and fight this the way it's been going - my client is dead wrong. But we'll see what happens. It's been going on for 3 months now. Don't be in this boat - I hate to say it but you probably have to let those assholes go so you can sell your house asap.

Your agent also needs to scare them and say to their agent that you have zero plans to release their deposit. [/quote]

It begins with a trickle, it becomes more commonplace, and then it will be the norm to walk away if you so desire.  Believe me, this will seriously undermine the DC real estate market.  Thank goodness for the abundance and wealth of all-cash, foreign buyers out here in my neck of the woods.[/quote]

Oh I totally agree with you. The settlement agent asked me with my client what I was hoping for as an outcome. I said "I don't know what to tell you but adults sign contracts and adults have several periods of time they can legally back out - condo docs, home inspection, appraisal if there's no agreement....this sets a bad precedent if the buyer can just walk so we have to let the court decide."

And I truly believe that. You're right, it's going to be the norm for sure because we live in a world now with a generation of entitlement coming up into the home buying ranks. They know they signed a contract, but they just don't care.

Now I have to go back out to my front yard and shake my fist at some more hooligans. I know, I know.... :)[/quote]

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