Back Out of Sale

[KyleAfterAWhile]

Have any of you ever had somebody back out of their purchase while waiting on ROFR?
Or...have you experienced somebody change their mind about selling while waiting on ROFR?

 

[sethschroeder]

Have not but I read some things on here. Typically its all spelled out in the contract as to who gets what.

Also this would somewhat be guided by your closing and if that has already passed?

 

[DebbieB]

For buying, you have 10 days to back out. After that, they lose their deposit plus fees.
If seller, they owe the commission plus fees.

 

[Great3]

Contracts are known to fall thru at any point in the buying process, for whatever reason. It happens, and unfortunately, as a buyer or seller, all you can really do is move on.

Great3

 

[Deb & Bill]

I had two buyers back out of the purchase of my small contract after ROFR. I got half of their deposit and the real estate agent got the other half.

 

[KyleAfterAWhile]

Contracts are known to fall thru at any point in the buying process, for whatever reason. It happens, and unfortunately, as a buyer or seller, all you can really do is move on.

Great3

True, but that is not what I was asking. Or I should say it didnt happen. My question just stems from curiosity.

 

[KyleAfterAWhile]

I had two buyers back out of the purchase of my small contract after ROFR. I got half of their deposit and the real estate agent got the other half.

I am hopeful nothing happens, but I was curious. I am happy to take their $1500 (half) and then relist.

 

[sethschroeder]

I am hopeful nothing happens, but I was curious. I am happy to take their $1500 (half) and then relist.

Only if the contract doesn't go past closing. If it goes past the closing date they possibly can back out and you get nothing.

 

[Deb & Bill]

I am hopeful nothing happens, but I was curious. I am happy to take their $1500 (half) and then relist.

We got it twice for the same 50 point contract and we still have the contract. Worked out nicely for us.