buyer never returned paperwork to close--options?

[ldo]

Hi. My buyers (via a broker) never returned paperwork to close last week. They had almost a month to turn in final docs. This was a delayed closing (4+ months) since they made the offer. Maybe they got cold feet? What are my options as a seller? Can I just cancel the sale due to nonperformance?

 

[starry_solo]

What does your paperwork say?

 

[ldo]

yep. just pulled it. Transx must close by 1/5/21. So, I guess I can canx after that if I choose, or it's canx by default if they backed out. Either way, it's OK. I understand what sounded great in Aug might not be so with Covid this winter.

 

[Sandisw]

As mentioned, you should be able to cancel after the 5th and I believe that you will be given some of the deposit they sent at the time.

 

[Ginamarie]

Yeah, it sounds like you'll have to give it until the 5th, and then you can ask for their deposit. It seems crazy that someone would just not respond and ignore everything, but you never know. I have a client selling their house now and the buyer is in the hospital with COVID, so it's holding everything up.. but at least I know what's going on with him.

 

[cvjw]

We had a seller never return the closing documents. We got to the “close by“ date and cancelled the contract. We got our $$ back since the seller backed out.

 

[ldo]

broker said they have the docs and fund are being wired, so looks OK.