 Parents letter in the mail says something about foreclosure? |
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... |
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Thanks!!... |
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Tami | Do they have to buy since they put an offer in and it was accepted? |
Do the buyers of our home have to get it since they accepted our counter offer? Im just so worried that they will end up backing out at the end. So as long as the inspection and appraisal comes back good am i in the clear? We are wanting to get going on a house for us, but i don't want to get everything ready and then the buyer of our home fall through.
thanks! |
 |
 
the_unluckiest
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If they put in "subject to" clauses (contingencies) that they must approve a home inspection and that they must be able to obtain a mortgage, then they can back out of the deal if either one of those collapses or doesn't pan out. If they simply want to back out for the sake of backing out, you'll have to see how the contingencies are worded. Some REALTORS® help their clients write really loose contingencies like "subject to the buyers having a home inspection of the subject property and receiving and approving a satisfactory inspection report". What is "satisfactory"? Maybe to you it's $5000 in repairs needed, maybe to them it's $0 in repairs needed. So wording for contingencies plays into their ability to wiggle out of the contract.
If no such contingencies exist or they've already approved the inspection report and have a mortgage lined up and they simply want out, you can sue them for damages (for taking it off the market since they tied you up, or you had other offers but had to turn them away because you're on contract) and also for performance (to buy the house). |
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My Take on It
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Anything can happen until the actual minute that they are signing the closing papers.
Most likely they put a contingency that the house had to pass inspection and that they had to secure financing. If something were to go haywire with either of those things, you would be back at square one. |
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