Profile picture for user4533484

Buyers did not show to closing today - no reason given - what are our options?

We accepted their offer 2 months ago and gave them 45 days to get a loan which was approved.  They asked for an extension 2 weeks ago which we granted and has since passed.  We made all the repairs they requested which were inspected afterwards by the buyers.  We accommodated every request.  They agreed to close yesterday and did not show to closing.  The settlement date is up on Tuesday. Their agent told our agent that there is no reason for the "delay" in closing and they want another extension.  (We denied the second extension.)  They clearly don't want to close but will give us no reason for not showing.  What are our options here?  They paid 3k in earnest money.  I assume we can keep that.  But this has cost us thousands more because of their negligence.  We moved out 2 weeks ago before the first closing date.  So now we're paying rent and mortgage... and if we sue for breach of contract will our house not be able to be shown during this time?
  • June 14 2013 - Northeast Raleigh
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Answers (4)

Profile picture for Sharon Lewis
I wanted to revisit this, just out of interest, what ever happened?
  • July 10 2013
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Hello,
 
I highly recommend you speak to an attorney. I know you would like to sell your property but at this time I would think about you protecting your self.  At this point you will need to ask your self is the deposit worth fighting over and is it worth extending the closing date and still not close and wasting all that sales time. This time of the year is good for sales. If they do not close by the closing date I would speak to your listing agent and ask his or her opinion on placing the property back on the market. Some times suing will cost you more money then just moving forward with a new buyer.
  • June 15 2013
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Profile picture for sunnyview
I would not give them another extension without requiring a larger non refundable deposit held in escrow. It is time to stop listening to your agent, you need legal advice now to find out how to tie up their earnest money if they walk this late. You also need to know if you can sue for other damages if they breach.

Do not be a doormat. Do ask your agent if you can make their contract/offer "bumpable" if another offer is received or add set duration performance clause so you can market the house to other buyers while their timeline runs.
  • June 15 2013
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Profile picture for Sharon Lewis
I am so sorry to hear about this.
You need to speak to an attorney right away, a Realtor is not allowed to give you legal advice.
Your Realtor should be giving you guidance on this.
  • June 15 2013
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