I Can't Believe It Happened Again

[carole88]

Just found out yesterday that the buyers for our house have changed their mind. They have given no explanation so we have no idea what happened. Mind you, they paid for a home inspection as well and there were no problems what so ever with the house. The engineer said that it is a great house!

This is the second time that a buyer has pulled out. I am so annoyed, fustrated and disgusted with the whole house selling process. It's like being on a roller coaster that is making you sick and you can't get the ride to stop.

We have just lost 3 weeks that we could have shown the house to potential buyers due to these people. Now we probably will not be able to move before school starts. DH has already moved and we were hoping to be reunited with him by 3rd week of August.

Why do people do these things?

Thanks for letting me vent.

 

[onecoolmama]

Hang in there! I am sure a good buyer will come soon.

 

[Cinderellafifi]

That is just awful! I am sorry that it happened, as I know the effort it takes to have to put the house back on the market and find new buyers. Try to look at it as better now than later. Good luck!!

 

[ToyStory Fan]

Sorry to hear you are having a difficult time, but until contracts are signed you should continue showing the house. You are under no obligation until it is legally binding and who knows maybe it lights a fire under any other prospective buyers knowing that you have someone with contracts "in-hand". I odn't remember the last thread you posted, but are you getting pre-qualified buyers only? Maybe they couldn't get financing or something or shouldn't have been there in the first place. Good luck - I hope things turn around quickly for you, having just done this 6 months ago I know where you are coming from.

 

[luvmarypoppins]

Hang in there. Thinking about doing another open house? Seems like its a buyers market out here in central brookhaven, suffolk. Just saw another new for sale sign in my neighborhood. But the 2 houses on the next street finally sold. One guy had it on the market since feb. I think. Good luck.

 

[Az Pirates]

So sorry this happened to you.

I really would like to sell our house and move... then I think back on the times we've done it before and decide I'm just fine where I am.

Were you at least able to keep the deposit from both of the buyers that backed out?

We have always kept our house available to show even after accepting an offer - but have had very few takers.
Understandable - no one wants to get in a bidding war or play the wait and see game.

Hopefully all will work out for the best.

 

[Talking Hands]

I suggest that once you get a contract that you continue to show your house and take back-up offers. Also look carefully at your contract because the deposit that was made could legally be yours and not the buyers. Also make sure the deposit is sufficient so the buyers will not back out except for specific contingencies stated in the contract.

 

[carole88]

Thanks for all of the advice. The next time we get a buyer we will continue to show it but I do think that many potential buyers don't want to take the time to look at it if they know an offer has already been accepted.

Both of the previous buyers had been pre-approved. I don't think we would even entertain offers if they weren't.

 

[Tina]

I hope that you kept the deposits from both buyers - which you are legally entitled to do. These people have wasted your time and for that, they must pay the price.

 

[Micca]

Any chance your realtor could find out the reason the prospective buyers are backing out? Maybe there is something that could be remedied for future buyers.

 

[phorsenuf]

Generally speaking (as a former real estate agent) if the buyers put down a deposit and then backed out that didn't fall within the terms of the contract then you can keep the deposit. Usually buyers can back out of the ccontract with no penalty if the house A. fails inspection or B. there are repairs that need to be done that the buyer and seller cannot agree upon or C. if financing falls thru and D. the sellers did not disclose important information or misrepresents the house. Thats pretty much it in a nutshell.

They cannot just change their mind. Well, they can, but it will cost them their deposit.

Did the house pass inspection both times? Were there any repair issues that came up? Were they pre-qualified?
Did you have a signed contract with them? If you didn't have anything in writing, then you are out of luck.

As far as showing the house after a contract has been signed is not a good idea. I doubt any realtor would take the time to show it to any prospective buyer. I wouldn't. It would be a waste of my time and the buyers I was representing. Also, if memory serves me right, you cannot have 2 contracts on a house anyways. You can have a backup plan, but not 2 signed contracts with 2 seperate buyers.

Have your real estate agent get in touch with the former 2 buyers agents and find out why they backed out. Most RE agents have very good working relationships with each other and will happy to help.

Good luck!