Posted by: Midsummernight | April 19, 2006

Ten days exactly

Yesterday being exactly ten days before my house was supposed to close I got a call from the Realtor saying they buyer is backing out. No, not on the basis of anything to do with the house. It is just because he has now decided that he can not afford the house payment. Oh, and he also would like his earnest money back. So in reality my almost buyer is basically telling me “Oh, so sorry I couldn’t seem to determine long before I bid on, got a mortgage approved for and gave you earnest money for your house that I couldn’t know that I now think the payment is too high. Oh and even though I just had your house off the market for the last month right as the weather got great and everyone hit the market three weeks ago, and even though I am now leaving you with a couple hundred dollar bill from the title company since we are not closing… Can I have my earnest money back? Great, thanks.” Oh, how I love selling a home.

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Responses

  1. I’m so sorry! We’ve sold 3 houses and know how stressful it can be. Now you’ll be worried that anyone seeing your house come back on the market will think there was something wrong with the house instead of the bumble headed buyer! I wish you luck. At least it is still a good time to be selling. BTW, congratulations on winning Mary’s challenge!

  2. No way. That stinks. You’re keeping the earnest money, right? I always thought that was part of the deal – the “buyers” basically forfeit that money to the sellers because they are earnest about the house. If the buyer backs out the seller keeps the cash. That’s always what I thought when I put down earnest money.

    And I know selling is awful. We are in the midst of it ourselves. ((hugs))

  3. Nettie- That is exactly what I am really worried about! This is a buyers market enough as is, and now this makes my house seem tainted.

    Sweetietooth- I guess there is some law??? State law I think? Anyway if the buyer looses their financing they get their earnest money back, and he did loose his financing. At least they are going to use some of it to pay the title company, so I am not left with a bill at the end of all of this. Ugh.


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