Buyer Backs Out Of Closing 6 Days Before Closing Date.
I have had a p and s on prioprety for four weeks on a duplex I'am selling in Ma., just received a call from my agent telling me the buyer does want to go through with sale because of the closing cost. The buyer has received her letter of approval and we were going to close on the 28th of this month , she has said she would also like her deposit back. My agent has explain to the buyer agent that they can not back out at this point or they will lose their deposit and could be sued for breach of contract. I know the buyer will lose their deposit but not sure of what I can sue for , could use some help on this , Thanks very upset : :-x
This one is touchy. In Ma if the buyer can prove that you were not adversely affected by her not going through with the deal a Judge could demand that you return earnest money deposit. As far as you suing for breach of contract after the lawyers are done you will not get much if anything. MA real estate law is touchy and subject to a wide array of interpretation. Get sound legal advice before pursuing.
ROT (rulathumb) generally is it's not worth trying to force a buyer to buy, and my advice is to move on.
This is why a sizeable down payment is a good idea so it's expensive for a B to back out.
ditto
I have a rule that I treat people as I hope to be treated. Give the buyer back their deposit and move on and find another buyer.
GerardArchiprete
In your own post you stated your agent told you the Buyer's reason for backing out or cancelling the purchase was because of "closing costs".
If you and your agent want to try to save this deal your agent needs to obtain the exact reason of "closing costs". Have your agent obtain from the Buyer a written statement of the reason and respond in writing to the Buyer with your responds or solution.
Was this related to the loan closing costs, escrow closing costs, moving closing costs or what.
Sounds to me that there could be room to re-negotiate the deal to save it ... at least try at the stage you and your agent are now in. Or you and your agent are back to getting another offer and the escrow time.
If the real reason is lender closing costs that the Buyer is now just being made aware of with documents from the lender ... then the Buyer may have just recourse and be entitled to receive the deposit return.