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Alexis | Can a buyer back out of the sale of my home after signing a sales contract and giving earnest deposit? |
It's been almost 6 1/2 weeks since the buyer signed the sales contract and given the earnest money deposit in escrow and still no inspection date is set nor is an appraisal is ordered by their lender. They showed us a pre-approval letter and we felt comfortable with selling to them because they were pre-approved. What is the hold up? We set the closing date for Dec 19th, 2007. I sold one of my bedroom sets and livingroom furniture already and holding yard sales to sale to the rest of the things and now this sale seem like it's going down hill. I have another house building and is depending on the sale of this house to cover the new home. I just find it a little funny their lender have not took this process futher. The buyers excuse is they are shopping lower rates. The realtor is their best friend and they have been friends for 20-something years. I think the buyers realtor is covering them. I do not know what to think about this sale? Maybe I don't really have a sale?
Additional Details
And the Realtor is NOT returning our calls. The last we spoke to her we told her that we felt that something was going on and that they we're not opening up with us and she says that everything is going fine but we are still NOT convinced. The realtor is friends with the buyer for 20-something years. We are very worried about this. We have sold things out our house and have a home building in another state. |
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CJ
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They can back out but you will retain the earnest money. Hope you asked for more than $1000, and I hope you have representation, too. They already submitted a good timelined pre-approval, they can GET the loan, but granted that they were given so much time to close.... Hope you got a pre-APPROVAL and not pre-qual. Also, whatever rate they were quoted 7 weeks ago wouldn't hold anyway with this drawn out time line. There should also be a time is of the essence clause on your contract, stating they have only a certain amount of time to get it together and close escrow. Once that passes, the deal is void and the earnest is retained by seller.
But If it's been nearly 7 weeks since purchase agreement was signed, and they STILL have until December 19th to close, that's your fault. Should not have allowed closing date to go beyond 45 days, 60 max. That's just too much time for buyers nowadays to get the buyer jitters, remorseful, second though, then they start shopping around more, maybe liking where they are now, etc. Too much time on their hands.
I prefer 30 days max! |
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acermill
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Sad to tell you this, but you can get a pre-approval letter for Reuben Sandwich, if you get the picture. Those letters are based only upon information provided by the borrower in question, and none of that information is verified for a pre-approval.
Are you represented by a realtor ? If not, you may have made a major error. The details will lie in your purchase contract. There should be deadlines specified for providing evidence of financial ability to complete the purchase, as well as deadlines for home inspections.
You need to read carefully the purchase contract to determine what is specified therein. If you are not good at legal mumbo jumbo, it's time to have an attorney review the contract, so that you know where you stand. |
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Bibs
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December 19th is a long way off. Why are you concerned. They are not hurrying because the closing is in December. Nothing will happen until after December 12th. |
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Hatlady
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Do yo have your own REALTOR? It sounds like you are relying on the buyer's agent to do the deal.
First of all, the purchase agreement should spell out the time limits for the inspection. There is no reason this should take more than a week. The buyer has to pay for it out of their own pocket, so they may be dragging their feet on this a bit.
If you don't have a REALTOR of your own, there can be some pitfalls to your arrangement - and you've just found the biggest one. Anyone who can fog a mirror can get an approval letter. YOU need to be the one to qualify the buyer (or your REALTOR if you had one). Contact the mortgage company / bank that issued it and ask at least these 5 questions:
1) What is the middle FICO score (credit score)? Mortgage companies differ, but 670 or more is generally considered to be good. 700 or more is even better.
2) How long has the buyer been in the same trade line (in a stable career path, but not necessarily with the same employer). At least 2 years in the same trade is generally needed. Also, if the buyer is contract labor or works through a temporary agency, this may affect approval, even on very long term assignments.
3) DTI - ask what the Debt To Income ratio is. 47% or less is good. Make sure the buyer's DTI conforms with the lender's standards.
4) Verify that they have actually pulled the credit report. I know it sounds like a no-brainer... But you want to make sure someone didn't slip up on this - it has been known to happen.
5) Althought it is not absolutely necessary early on, you want to ask if the loan has gone through "underwriting". The underwriters have the final say on the loan approval. This process can take a couple of days, depending on the lender.
Make sure you check the laws in your state for disclosures you may need to provide. Some states require more than just the disclosure of the condition of the property. You may need to fill out a methamphetamine disclosure, lead paint disclosure, or other state required forms.
You'll want to re-read the terms of your purchase agreement . The financing addendum should tell you what happens if the financing falls through (i.e. who keeps the earnest money, etc.) and how long they have to procure financing.
Read everything very very carefully and you might want to consider hiring a your own REALTOR®. |
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Flibbert
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They can pullout, but if they have signed a sales contract you will be awarded their earnest money.
Sucks, i know. Same thing happened to me a few years ago. |
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mamanana9
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closing is still well over a month away.but yes they can back out anytime.instead of calling go to the real estate company and talk to main person,if you have to set on parking lot watching for them.would be my suggestion,and demand your earnest money back if there not gonna buy it.that moneys yours. |
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Jim J
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Most likely you get the earnest money deposit and little else. It is difficult knowing without looking at the contract because sellers can salt any number of contingencies in the sales offer that allows them to back out and one of them will be something like contingent on obtaining financing. This one alone could kill the sale. The other problem is that actually getting the earnest money deposit isn't easy either and if they back out because they "couldn't find financing" you probably won't end up with that either. I really feel for you but I don't think your chances are good. |
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Rush is a band
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You really won't know until the December 19th has come and gone. If the close on or by date is 12/19, they really have no incentive to close before then.
If they miss the 12/19 date, your lawyer can send them a 'time is of the essence' letter and schedule the closing and then you will see if they are serious or not.
Can you bank on a sale and release your contingency with your builder? I wouldn't do that because you could get stuck with two mortgages. |
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Eric G
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you have the right to keep the earnest money if the buyer backs out also i would contact the local realty board and The real estate agents broker to make sure earnest money was deposited in a non interest bearing account ,also sounds like the Realtor is violating your rights in all states the Realtor works!!!for the seller!!!!!!! |
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Neither Republican nor Democrat
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Depends on the contract. In California, there are contingencies built into the contract that must be removed before the buyer's deposit is at risk. The contingencies do not evaporate after 17 days, but continue until actively removed. You must find out what the contract says. Here the buyer has all the protection and the seller has very few options to back out of a deal. |
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Lorenzo Steed
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Sure they can back out. That's when you keep their earnest money - that's what it's for. |
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