Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

cynatnite

(31,011 posts)
Thu Mar 17, 2016, 11:18 PM Mar 2016

Buyers pulled out of contract to buy our house...

Has anyone had this happen?

We put our house on the market. Two co-buyers offered for it and we accepted. They put down their earnest money.

We found a house we loved. Put an offer in. It was accepted.

Closing dates coincided. We were nervous about it, but not overly so.

A few days ago we were told the buyers pulled out without explanation. Their agent will not return our agent's calls. We get their earnest money. Yay

Now, that this house is without a contract, we might lose the house we want. It was contingent on our house selling.

We've been told we can sue them over this.

What hair I haven't lost is going grey.

Anyone have advice to offer?

13 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Buyers pulled out of contract to buy our house... (Original Post) cynatnite Mar 2016 OP
Let it go and find another buyer, quick. roody Mar 2016 #1
Follow roody's advice. elleng Mar 2016 #2
It wasn't two offers. It was two buyers, one offer... cynatnite Mar 2016 #3
Gotcha. 'Break a leg.' elleng Mar 2016 #4
Glad you had that contingency clause in your offer. dixiegrrrrl Mar 2016 #5
Find a lawyer jmowreader Mar 2016 #6
you found one buyer, you can find another Skittles Mar 2016 #7
Happens all the time. femmocrat Mar 2016 #8
If you needed the money from the sale of your house mnhtnbb Mar 2016 #9
Split the earnest money between your agent and the buyer if it sells quick Major Nikon Mar 2016 #10
Read your contract before you sue. hamsterjill Mar 2016 #11
Same thing happened to me just last month. mackerel Mar 2016 #12
Worked in a RE office for a while, It happens. Fla Dem Mar 2016 #13

cynatnite

(31,011 posts)
3. It wasn't two offers. It was two buyers, one offer...
Thu Mar 17, 2016, 11:41 PM
Mar 2016

Sorry that wasn't clear.

We're hoping for another very soon.

Thanks!

elleng

(130,156 posts)
4. Gotcha. 'Break a leg.'
Thu Mar 17, 2016, 11:46 PM
Mar 2016

and maybe let the sellers of the house you want know what's happened, you're pursuing other buyers quickly, so hope to close the deal for your next home.

dixiegrrrrl

(60,010 posts)
5. Glad you had that contingency clause in your offer.
Fri Mar 18, 2016, 12:30 AM
Mar 2016

Too bad the buyers who backed did not.

If you feel you have suffered damages...the cost of not getting the house you want to buy.....and the extra cost of having to put yours back on the market, you might consider suing.

I am surprised, but not as much as I should be, that their agent is ignoring your agent.
Something tells me their agent might be violating the legal obligations of his/her real estate license.

jmowreader

(50,453 posts)
6. Find a lawyer
Fri Mar 18, 2016, 04:09 AM
Mar 2016

Find out if you can sue for "specific performance" - which means the counterparty would be required to buy your house. This of course only works if the house you want hasn't been sold yet - you don't want to specific-performance yourself into a van down by the river.

femmocrat

(28,394 posts)
8. Happens all the time.
Fri Mar 18, 2016, 09:41 AM
Mar 2016

You will find another buyer and with luck, the house you want will still be available.

It's all a crapshoot, unfortunately. Good luck to you.

mnhtnbb

(31,319 posts)
9. If you needed the money from the sale of your house
Fri Mar 18, 2016, 10:00 AM
Mar 2016

to fund the purchase of the house you are buying, ask your agent to recommend a mortgage
broker in your area that specializes in bridge loans so you can go ahead with the purchase.

Get your house back on the market, pronto.

Chalk it up to experience. Good luck!

Major Nikon

(36,814 posts)
10. Split the earnest money between your agent and the buyer if it sells quick
Fri Mar 18, 2016, 10:10 AM
Mar 2016

Tell your agent that if the house sells within ____ number of days the agent and the buyer can split the earnest money check.

Cash is an excellent motivator.

hamsterjill

(15,214 posts)
11. Read your contract before you sue.
Fri Mar 18, 2016, 10:44 AM
Mar 2016

And do not think that realtors are lawyers because they are not.

Is there a feasibility time period in your contract? Did the buyers have the right to have the house inspected, etc.? Did they find something that should have been disclosed that was, perhaps, not disclosed?

Is there a provision in the contract relating to the buyers being able to qualify for the mortgage to buy your home? Any outs for them here in case they couldn't qualify? (Even if they came prepared with a letter indicating they were pre-qualified, a mortgage company still will re-qualify applicants at the time of an actual contract). Perhaps one lost a job?

Many, many questions to have answered before you decide to sue. Will be much easier if your realtor gets busy and finds another buyer for you.

Best of luck.

mackerel

(4,412 posts)
12. Same thing happened to me just last month.
Fri Mar 18, 2016, 03:27 PM
Mar 2016

I put it back on the market and I got another offer the next week.

My realtor called it buyers remorse.

Fla Dem

(23,352 posts)
13. Worked in a RE office for a while, It happens.
Sat Mar 19, 2016, 09:59 AM
Mar 2016

They find another house, something in the inspection report spooked them, could be anything. Suing them is stressful and expensive and you probably won't win. As others have said, get it back on the market asap. Good Luck!

Latest Discussions»The DU Lounge»Buyers pulled out of cont...