Help - Backing Out Of Deal.
I signed a L/O purchase Monday night - everybody was happy. There was a clause in the contract to allow three days for their lawyer to review the contract. I got a call last night from the people stating that they don't want to do the deal any more. What should I do? I don't have any money tied up yet. I don't want to be an ass but they did sign a binding contract. Not sure if it is just easier to let it go. Any input?
Thanks,
Dan
Well, actually, if their contract states that they can do this within three days and they did and you don't have any money tied up, then they acted within their contract.
Try renogiating with them, find out what the problem was and see if you can resolve it. Don't appear desperate, however. There are plenty of deals to go around, and since you didn't have any money tied up, I say let it go and move on the next deal.
Dee
Quote:
On 2003-09-10 08:24, detroit wrote:
I signed a L/O purchase Monday night - everybody was happy. There was a clause in the contract to allow three days for their lawyer to review the contract. I got a call last night from the people stating that they don't want to do the deal any more. What should I do? I don't have any money tied up yet. I don't want to be an ass but they did sign a binding contract. Not sure if it is just easier to let it go. Any input?
Thanks,
Dan
Dan,
be a professional and let this go. On top of the fact that there are plenty of deals out there that you will be able to close, remember that when one door closes...another one opens.
All you have is your good name. Don't screw that up by being difficult about an aspect of the contract. The street is small and you never know when something you do today will haunt you tomorrow. More importantly, change the terms of your contract if you do not want to give people 3 days to think about it.
Thanks all, I guess I really knew the answer. Just didn't want to admit to it.