A home seller’s worst nightmare is selling to a buyer who disappears mysteriously at some point during the transaction. The deal never closes, leaving the seller in the lurch just before moving day.
Occasionally a buyer gets cold feet soon after his offer is accepted and backs out of the deal. This can happen if a buyer gets caught up in the frenzy of a multiple offer competition. When he realizes that he’s in over his head, he regrets his decision and asks to be released from the contract.
Although disappointing, the damage is usually minimal when a transaction collapses early on. In a multiple offer situation, the seller may have negotiated a back-up contract with another eager buyer. In this case, the seller moves directly from the primary contract to the backup contract without having to market the property again.
House hunting tip: Usually when a real estate transaction falls apart it’s for a good reason, and not due to the buyer’s whim.
Typical problems involve property inspections and financing. But with a good team of real estate professionals on your side, many of the problematic issues that arise during a...
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