Can the buyer pull out legally, keeping his earnest money, when the inspection hasn't been completed? Also, he is making another offer though we already have an accepted contract in place. Can someone help me? This is the first time I have sold a home, and my real estate agent blows.
2006-07-06 05:28:34 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It really depends on the specific wording of the P&S, I'd need to read it myself to give you a specific answer. Was there a time frame on the inspection, whose fault was it that the inspection hasn't happened, etc...?
I'd get more involved with your REA and tell them your a little displeased with their service, and possibly thinking of going elsewhere if they don't step up to the plate and handle this. Not sure what agreement you have with your REA, but if they are not fulfilling their duties you have reason to be concerned.
Having a competent team of professionals on your side, that are genuinely interested in your well being and not just 'making a sale' should be your priority.
Good Luck
2006-07-06 05:38:36 · answer #1 · answered by ReggieWjr1 4 · 3⤊ 0⤋
Sales contract for the most part are legal and binding. When in doubt read your contract thoroughly. Buyers cannot pull out of a contract "just because" before inspection. In this instance their deposit should go to the seller. If they really want out, they will try to use the home inspection as a way out. If that happens deposits will be returned to buyer. If your not getting anywhere with your agent, contact his/her manager for further help. As for another offer, all things are negotiable but you don't have to agree.
2006-07-06 12:40:44 · answer #2 · answered by Lee 1 · 0⤊ 0⤋
They can pull out and will forfeit Earnest monies most of the time.
And as a buyer, he can make as many offers on as many properties as he wants. There may be nothing wrong with your home, he may have found one he likes more. That is why you get to keep the Earnest money. For your time and trouble.
2006-07-06 12:52:35 · answer #3 · answered by educated guess 5 · 0⤊ 0⤋
yes there is a way he can pull out and keep his earnest money. In Texas, we have an option period. This gives the nuyer the unrestricted right to cancel the contract for a specified period of time for a fee. usually 50 or 100 dollars for 7-10 days. this period is generally used for inspections and appraisals but it is not limited to that. Unresrticted means they can just get cold feet.
They forfeit the option fee but not the earnest money. what state are you in? I can call a colleague in your home state and ask on your behalf if they have an option fee period in the contract or you can ask your realtors broker if he/she is of no help.
2006-07-06 14:53:17 · answer #4 · answered by daniel r 4 · 0⤊ 0⤋
no, he can't pull out without losing the earnest money...also, you can sue for many things, including the difference he offered and what you sell it for, if less..
2006-07-06 12:33:54 · answer #5 · answered by jstrmbill 3 · 0⤊ 0⤋