Well, it doesn’t look like I’ll have a problem selling my home, even if I did have a buyer back out. She was sent to my attorney, and now she is trying to weasel out of her deal without bothering to put it in writing, hoping that out of my big heart I will just let her skunker back to the hole she crawled out of. Honestly, since when do contracts mean nothing? It’s one thing to break your word (which I think is bad enough), but to break a contract and try to weasel out with no penalty really takes a new type of low class ideal. But, apparently, I am not the only one having problem with lame buyers.
When real estate markets go soft, buyers think they hold all the cards. They do, but once they sign the contract, they are held to a higher standard – the law. I read recently of a family who had a similar scenario where the buyer backed out “just because” and I’m not sure what happened to the earnest money. But, these were some smart folks. They decided they would go to court and collect the “just because” money for various things after the home eventually sold: the extra amount of time it took to sell the home. To them, that was over a year. They requested that the court award them the mortgage and maintenance costs on the home for that extra year for having to put it back on the market because the buyer flaked out and the court agreed! As you can guess, if there is a precedent – buyer beware! She’d better hope my house sells fast because she has now become liable for all related expenses for me holding on to the property past the initial closing date.
Update: The truth comes forward…She got cold feet and signed a lease for an apartment WHILE she was in contract to buy my house. Earnest? NOT!!! That must be why realtors have a saying:”Buyers are liars.”