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#301469 - 08/05/09 11:57 AM 3 days from signing, Buyer wants out. Advice?
sfbroker Offline
Junior Member

Registered: 08/05/09
Posts: 2
Loc: CA
My buyer wants to back out of his deal - with all contingencies removed - 3 days before he signs to close. Reasons given are that he's not sleeping at night and he and his partner are fighting about it. I know he'll lose his $44K deposit and probably owe the listing agent her commission of $34K, correct? Any strategies for talking him off the ledge? He's always dreamed about living in this part of town so it's not the neighborhood.

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#301543 - 08/06/09 07:19 AM Re: 3 days from signing, Buyer wants out. Advice? [Re: sfbroker]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2238
Loc: Outer Banks
Does he know he will lose his deposit? Sometimes they change their mind back again when they find out they can not just walk away free and clear.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#301546 - 08/06/09 07:40 AM Re: 3 days from signing, Buyer wants out. Advice? [Re: sfbroker]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7716
Loc: Vermont's North-East Kingdom
Originally Posted By: sfbroker
I know he'll lose his $44K deposit and probably owe the listing agent her commission of $34K, correct?

I can't imagine how any Contract would have been drafted that has the Buyer owing the Listing Agent anything ?

The P&S is a Contract between the Buyer and the Seller.

The Listing Agreement is a Contract between the Seller and the Listing Broker.

The Buyer Representation Agreement (if there is one) is a Contract between the Buyer and the Buyer's Broker.

Under which Contract would the Buyer be paying the Listing Agent anything? . . . The Buyer typically receives NO SERVICES from the Listing Agent; therefore he owes that Party no Compensation.

Of course, the Buyer loses his/her Earnest Money Deposit to the Seller (he may also be liable for a breach of Contract Suit); and he may owe the Buyer Broker something (depends on the wording of the EBA) . . . . but he never signed any Contract where the Listing Agent and the Buyer are both Parties to the same Contract.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#301565 - 08/06/09 10:06 AM Re: 3 days from signing, Buyer wants out. Advice? [Re: Vermont]
Barbara Dow Offline
Member

Registered: 07/15/09
Posts: 90
Loc: Northern California
Get your broker involved. Take the buyer back out to the property and let him see all the things he loved about the property in the first place.

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#302759 - 08/15/09 10:41 PM Re: 3 days from signing, Buyer wants out. Advice? [Re: Barbara Dow]
Kevin Curtis Offline
Member

Registered: 11/15/08
Posts: 139
Loc: Minnesota, USA
It seems buyers remorse is getting the best of your client. I agree with Barbara - get your client back out to the property
_________________________
Minneapolis Real Estate - Ongoing look at the Minnesota & Minneapolis real estate market
MN MLS
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#302865 - 08/17/09 09:30 AM Re: 3 days from signing, Buyer wants out. Advice? [Re: Kevin Curtis]
REODayton Offline
Major Contributor

Registered: 07/27/06
Posts: 3720
Loc: Dayton Ohio
Time to put on your psycholigist hat figure out the cause of the fear. Its a very commen reaction for a buyer or seller. Tell them to quit watching the news for a few days, all the stats are general and not specific to locals. Have a meeting with them over a beer summit. You could also offer them a bottle of Tylenol PMs, that will cure the sleepless nights.

At least you have a headsup. I had a buyer go AWOL 3 days before closing 2 years ago. I'm still waiting for him to return my call.

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#303723 - 08/24/09 12:17 PM Re: 3 days from signing, Buyer wants out. Advice? [Re: REODayton]
Cave Man Offline
Veteran Member

Registered: 11/16/07
Posts: 582
Loc: CA
so what happened sfbroker? what's the update?

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#382039 - 07/06/11 03:38 AM Re: 3 days from signing, Buyer wants out. Advice? [Re: REODayton]
Florida Girl Offline
Member

Registered: 07/06/11
Posts: 10
Loc: Florida
[quote=REODayton]I had a buyer go AWOL 3 days before closing 2 years ago. I'm still waiting for him to return my call. [/quote]
I had a buyer go AWOL 5 days before closing. Ten days later she signed a contract for another property with another realtor. I caught her at it. Sued her for the commission on property #1 (she had signed an exclusive buyer brokerage agreement). And won.

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#382314 - 07/08/11 01:48 PM Re: 3 days from signing, Buyer wants out. Advice? [Re: sfbroker]
Zach Sikes Offline
Member

Registered: 04/11/11
Posts: 40
Loc: Edmond, OK
I had one that had agreed to pay cash at time of contract acceptnace, then changed his mind midway through. He also wanted to use Chase for the financing, and it was a distressed property.

Needless to say, the contract busted, and they told me that since I called the inspectors, they would not pay.
_________________________
Check out Homes for Sale in Edmond and OKC

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#382325 - 07/08/11 02:49 PM Re: 3 days from signing, Buyer wants out. Advice? [Re: Florida Girl]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
Originally Posted By: Florida Girl
Originally Posted By: REODayton
I had a buyer go AWOL 3 days before closing 2 years ago. I'm still waiting for him to return my call.

I had a buyer go AWOL 5 days before closing. Ten days later she signed a contract for another property with another realtor. I caught her at it. Sued her for the commission on property #1 (she had signed an exclusive buyer brokerage agreement). And won.


Good for you!!!!!

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#382326 - 07/08/11 02:51 PM Re: 3 days from signing, Buyer wants out. Advice? [Re: Zach Sikes]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
Originally Posted By: Zach Sikes
I had one that had agreed to pay cash at time of contract acceptnace, then changed his mind midway through. He also wanted to use Chase for the financing, and it was a distressed property.

Needless to say, the contract busted, and they told me that since I called the inspectors, they would not pay.


I'll make a termite inspection call b/c it's cheap, but anything expensive, I have my buyers call their own home inspector, etc. to assure that I'm not stuck with their bill.

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#384005 - 07/22/11 06:37 PM Re: 3 days from signing, Buyer wants out. Advice? [Re: Florida Girl]
shana Offline
Major Contributor

Registered: 11/06/07
Posts: 1602
Loc: Nevada
Originally Posted By: Florida Girl
Originally Posted By: REODayton
I had a buyer go AWOL 3 days before closing 2 years ago. I'm still waiting for him to return my call.

I had a buyer go AWOL 5 days before closing. Ten days later she signed a contract for another property with another realtor. I caught her at it. Sued her for the commission on property #1 (she had signed an exclusive buyer brokerage agreement). And won.



great. did you actually collect on the judgement?

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