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03-27-2007, 06:11 PM
| | Junior Member | | Join Date: Mar 2007
Posts: 1
| | | Can buyer back out for no reason?
The property is located in IL and the the contract was signed about 21 days ago. An appraisal has been done, title work completed, etc. and when the mortgage broker tried to contact the buyer to schedule a closing date, they are no longer return calls. The have earnest money and appraisal costs into it and have no apparent reason for backing out. Can they be held to the contract? |
03-27-2007, 06:24 PM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 15,044
| | Quote:
Originally Posted by tbell80  The property is located in IL and the the contract was signed about 21 days ago. An appraisal has been done, title work completed, etc. and when the mortgage broker tried to contact the buyer to schedule a closing date, they are no longer return calls. The have earnest money and appraisal costs into it and have no apparent reason for backing out. Can they be held to the contract? | What are the terms of the contract when the buyer wants to back out? Usually, there is a penalty listed. |
03-27-2007, 07:10 PM
| | Senior Member | | Join Date: Sep 2006 Location: Missouri Ozarks
Posts: 2,924
| | | In addition, did the contract specify a closing date? |
03-28-2007, 05:46 AM
| | Senior Member | | Join Date: Oct 2006
Posts: 1,125
| | | What does your agent tell you about the situation? No agent? |
03-30-2007, 05:46 AM
| | Senior Member | | Join Date: Oct 2006
Posts: 1,125
| | Quote:
Originally Posted by neuronicone As far as I know, there should be no problem about getting costs back so long as its all stated in the terms and contract agreement. I hope so ,its mentioned there. | Cute but we ain't that dumb. Bye Bye! |
04-04-2007, 01:38 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by lcannister Cute but we ain't that dumb. Bye Bye! | **A: too funny****************************.... |
04-04-2007, 03:14 PM
| | Senior Member | | Join Date: Oct 2006
Posts: 1,125
| | Quote:
Originally Posted by HomeGuru **A: too funny****************************.... | Well actually it isn't without all of the post being quoted but the responder decided to fill his signature with all kinds of business/website/etc. info! Guess he thought if it was in the siggy no one would actually notice all those links! | |
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