Contract Cancellation Right
I agreed to sell my CA house w/contingencies for financing and for various inspections. My buyer backed out, initially claiming a general right to cancel for any reason, and later claiming the recent increase in interest rates. I have asked buyer to substantiate financing application/denial, but they will not.
I believe I am entitled to keep the good faith money deposit. Has anyone been in this situation before?
bigpete,
If YOU sold the house yourself and you have cash in hand...
KeepIt!!!!
They might sue YOU...SoWhat!!
A little time in Court....they WILL have to prove they tried to get TheLoan...
More than likely ....TheyDon'tShow
It worked for me SEVERAL TIMES!!
If you sold through an agent ...
...they are Pu---s and WILL give it back!!
....as always,
GoodInvesting, Rocky
The Rock's on target with his post, just before mine.
This is one reason I prefer to have MY lawyer be the closing agent; he's no pushover and sure won't give a welcher's $$$ back in case of a backout like this.
And your agent's broker will, in my experience, 99% of the time, fork it right over, to keep himself and his shop out of litigation. Scares most agents & brokers to pieces!
[addsig]