Answers (7)
- PATRICIA AMADI, "highintegrityrealty"
- Contributions:117
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
I agree with the prior respondent that if the cancellation was done within the allowable conditions of the agreement, then why waste time?
Have your agent (and then if needed your lawyer) explain your position.
In Texas, as in other states, there is a need for "specific performance" on all parties parts. It could be you can hang that over the buyer to at least make them sign over the Earnest Money. Your lawyer might even be able to file a lis pendens on the house they are buying to halt that sale.
In Texas, an "Option Period" (usually 14 days) is present in most residential contracts and the buyer may cancel for ANY reason, and in fact no reason is usually given. Some buyers and some agents do at times use this as a tool to make many offers at a time. Not nice but well within the law.
- Ryan Halset, ABR, "RyanHalset"
- Contributions:871
Unfortunately, as others have mentioned - there is not much you can do about it as long as they canceled the contract based on the terms set forth in the contract. Did they site the reason? Inspection, Financing, etc? The buyers must do this in order to retain their earnest money.
If there was no reason for canceling near closing and all contingencies had been fulfilled - it's time to take your earnest money and move on. Hopefully you negotiated at least 1% of the purchase price in earnest money so you are compensated for taking your home off the market for this buyer.
- Mary Lockman, "Mary Lockman"
- Contributions:21
- Matthew Allan, "Matthew Allan"
- Contributions:129
- John Stewart, "nwhome.us"
- Contributions:2563
If it was accomplished by following the terms of the agreement, the rest is irrelevant.
- wetdawgs
- Contributions:39495
If you had an accepted offer and were moving to actual closing, then ask your agent what happened.
We suspect that a buyer made multiple offers and canceled ours near closing. How can we find out?
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