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Buyer backing out, what are our options.

on 5/2/13 an offer was placed on our house we accepted, and signed the contract on 5/3/13. We received a call today 5/8/13 that the buyers agent called our agent that the buyer is backing out. The buyers agent cannot get the buyer to return his calls and the contract has been approved as of today by the buyers attorney (I am not sure the status at this point from my attorney) We have cancelled an open house and have observed many interested onlookers passing buy as our open house cancelled sign has been out. This looks bad having a cancelled sign out. What are my options?
  • May 08 2013 - Cheektowaga
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Answers (4)

Im sorry to hear this! This is a tough situation and totally depends on your contract. I would guess that they had a contingency period in the contract. Glad to hear that you have an agent. I have had the sad situation that the buyer was in a accident and it changed everything. Your agent knows the state laws and will definitely look out for you. That is what we all do and why people need Realtors. Good luck!
  • May 08 2013
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Profile picture for Connie Klemme
typically a contract offers a cancelation period in which they can back out with no loss of earnest money.  Read your contract, and review and ask specific questions from the language in that - best to ask your agent for the meaning or an attorney.
  • May 08 2013
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Sounds like they will lose their escrow deposit money. Then I would check to see if they backed out due to inspection or financing contingency. You never know there could have been an emergency on the buyers side.
  • May 08 2013
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Profile picture for Steve Parsons
When your buyers put in an offer, they signed a contract.  Contracts are a legal matter and must be discussed with an attorney.
  • May 08 2013
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