Have You Guys Ever Had A Buyer Not............
show up for a closing? I was talking with my attorney and he says that he will no longer do closing where the buyer/investor brings in the funds to close. He said that he had a problem with the buyer not showing up after all the paper work was handled.
I just wanted to know if this ever happened to any of you. If so, how did you handle it?[ Edited by Murphyj2000 on Date 11/27/2004 ]
Murph:
It happens all the time. Just part of doing business. This is why you get a deposit from them. If your attorney does not want to work with you find another!
Best Riches,
Jeff Adam
[addsig]
I don't get it. Almost every time the buyer will bring funds to close. Money passes at the closing, that's one of the purposes, unless you're in one of those funky escrow states and then that's a whole different world that I don't understand.
I never show up to closings, I do it through mail/messenger service.....I hate waiting around, just a lot easier to have the settlement attorney send me my portion of the paperwork and send it back.
If the buyer chooses to forfeit his/her earnest money, what should i tell the seller?
It happened to me on 2 of my deals with the same buyer/investor. That buyer/investor closed on my 1st deal but didn't follow through on the other 2. It put me in a position to close with the seller on 2 properties that I had initially planned on getting an assignment fee.
From my REIA group and other readings, other investors say ALWAYS be prepared to close in order to keep and build your credibility.