Buyer not answering calls - close set for the 15th. Can he get out?

[salvatore1]

What is the name of your state? OH

Copy of the contract:

http://www.tylersquarterly.com/contract.pdf

As I read it, he has no contingencies to get out of buying this property.

If he doesn't close by the specified date, isn't he still bound by this contract to purchase?

Thanks

 

[salvatore1]

forgot to mention:

the contract posted is the one I received. I signed the acceptance and he received the signed and completed contract the next day.

 

[nextwife]

AS a RE broker, I twice had buyers "drop out of sight" after the offer.

One guy was in jail (arrested on serious charges and facing serious time), one had suffered a heart attack and died. In both cases, the seller had no recourse.

 

[CraigFL]

I've seen people drop out of sight too. Your contract shows no earnest money received or consequences for default of the contract. If you sued him in court you would need to prove damages before you could get a judgement and then there is the whole collection problem...

Be patient... He may show up...

 

[salvatore1]

What if I have another buyer but at a lower price? Could I sue him for the lost profit?

 

[moburkes]

What if I have another buyer but at a lower price? Could I sue him for the lost profit?

Sure. If that is what your contract states.

 

[nextwife]

What about your closing agent/title company? Have they heard from your buyer or the buyer's lender?

 

[salvatore1]

Sure. If that is what your contract states.

So by that statement, all contracts need a laundry list of potential damages and the explicit course for any compensation? How long is a contact going to be then!?!

 

[salvatore1]

What about your closing agent/title company? Have they heard from your buyer or the buyer's lender?

Title agency has not heard from the lender so we are not in escrow.


The buyers lender had contact with the buyer last week who had to submit some final documents to finalize the lending. They are a hard money lender and a smaller outfit, so my calls to their office have not been returned for the past three days.

 

[CraigFL]

So by that statement, all contracts need a laundry list of potential damages and the explicit course for any compensation? How long is a contact going to be then!?!

No... Only if you want it to be there and even if it is and the judge deems it unreasonable, it may be thrown out. For the most part, you can only sue for damages which you can prove.

 

[FlyingRon]

What if I have another buyer but at a lower price? Could I sue him for the lost profit?

If you define profit as the difference between what you sold for and what he offered, no.
If you had other bona fide offers that you passed up because you were under contract with him, you might be able to argue that.

 

[Gadfly]

So you have an original contract with BOTH seller and buyer signature on it?