CLOSING

buyers backed out of sale due to drainage.buyers had home inspection. ok had termite inspection. ok on wed renegoited price. all agreeded. fri final inspecion 9:00 am closing at 4:30pm at 10:00 buyers backed out his wife cring his realestate agent just cleaned carpets and chairs left in home.we moved based on their time frame.due i have any recourse. need fast help in florida


from what the realestate agent told me it had to do with the drainage wit them wanting to put in a pool etc. this is after a home instection two sat. ago and it being ok. redoing the price their appraisel came in lower than the purchase price. ($5000.) we took off 2500.00 and each of the realitors took off 1250.00 to make the deal happen late wed. we moved on thur to meet buyers time frame to move in on fri. and fri late am they said they were not going to take it. thanks

[Edited by GARY H on 07-23-2001 at 01:47 PM]

[HomeGuru]

Why did the Buyers back out? Explain briefly.

It depends on the contract. Was the reason a listed contingency under the contract? If not, then you would be entitled to damages. Even if it was, did they timely arrange for an inspection. What was wrong with the drainage?

It absurd that they waited till the day of closing to back out. Send them a certified letter listing your damages and demanding reimbursement by a date certain (give them a week). If they do not promptly pay, see an attorney.

You should schedule a formal consultation with a lawyer. A good means of obtaining an attorney referral is by contacting your State's bar association or your local county bar association. They probably have a web site and charge a nominal fee for the referral. Most attorneys either provide a free initial consultation, or charge a nominal fee.

Good Luck, Elliot Jay Goldstein (offices in Tampa and St. Petersburg)

The above information is provided as a courtesy, without any consideration and without knowledge of the specific facts. Do not rely on this information. Seek a formal consultation with an attorney.

[Edited by Elliotg on 07-23-2001 at 12:16 PM]