Buyer backs out

[mahen]

What is the name of your state? Utah

My wife and I recently put our home for sale and put an offer on a new home. Our agent presented us with two offers on the same day. dollar wise the offers were equivalent however we accepted the one that allowed us more time to relocate since our new home was not quite ready.

Now, 2 weeks before closing we are informed that the buyer had 2 additional offers on other homes and has decided not to buy ours. We will be forced to put our home back on the market but are afraid we may not get an equivalent offer.

We are more upset because we turned down another offer to accept the one from theses less than honest people.

Do I have any options or do I just start over and hope for the best?

[seniorjudge]

Originally Posted by mahen

What is the name of your state? Utah

My wife and I recently put our home for sale and put an offer on a new home. Our agent presented us with two offers on the same day. dollar wise the offers were equivalent however we accepted the one that allowed us more time to relocate since our new home was not quite ready.

Now, 2 weeks before closing we are informed that the buyer had 2 additional offers on other homes and has decided not to buy ours. We will be forced to put our home back on the market but are afraid we may not get an equivalent offer.

We are more upset because we turned down another offer to accept the one from theses less than honest people.

Do I have any options or do I just start over and hope for the best?

Q: Do I have any options or do I just start over and hope for the best?

A: Start over AND keep the buyer's deposit.

[LindaP777]

I hope you accepted a BIG FAT deposit with their offer . . . that now becomes yours.
You can also ask your agent to see if they can track down those other buyers in the slim chance they still may be interested.

[the kabuki]

Originally Posted by LindaP777

I hope you accepted a BIG FAT deposit with their offer . . . that now becomes yours.
You can also ask your agent to see if they can track down those other buyers in the slim chance they still may be interested.

I also have a buyer backing out. While there was no contingency upon her selling her home, because her deal fell through she's no longer able to purchase our home. This after we waited three months for a closing, paid in the meantime for all utilities, outside maintenance, taxes, water, etc. and lost our other buyer. Now she's asking for her deposit back.

Are the laws pretty cut and dried when it's comes to deposits? If there's nothing in the original contract about her closing on her home,and she had financing (closing was cancelled the day before), is it a huge deal in going to court? I've heard that in many cases, the buyers' get their deposits back.

We're in Michigan, btw

[HomeGuru]

Originally Posted by the kabuki

I also have a buyer backing out. While there was no contingency upon her selling her home, because her deal fell through she's no longer able to purchase our home. This after we waited three months for a closing, paid in the meantime for all utilities, outside maintenance, taxes, water, etc. and lost our other buyer. Now she's asking for her deposit back.

Are the laws pretty cut and dried when it's comes to deposits? If there's nothing in the original contract about her closing on her home,and she had financing (closing was cancelled the day before), is it a huge deal in going to court? I've heard that in many cases, the buyers' get their deposits back.

We're in Michigan, btw

**A: please start your own thread.

[the kabuki]

Originally Posted by HomeGuru

**A: please start your own thread.

My apologies , I will do that

[HomeGuru]

Ok fine.

signed,
the Samurai

[seniorjudge]

Originally Posted by HomeGuru

Ok fine.

signed,
the Samurai

Grasshopper, we shall never speak of this again.

[HomeGuru]

Originally Posted by seniorjudge

Grasshopper, we shall never speak of this again.

**A: you are confusing the Japanese warrior with the sword to the Chinese Kung Fu student with no sword. Of course both may have horses but only one uses a horse.