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Old 11-28-2007, 10:23 AM
 
2 posts, read 6,218 times
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anybody have any experience, heres the deal. Sold our home through a realtor 2 mos ago, have signed purchase agreement with no contingecies, buyer has earnest money down, financing in place, inspections complete (fha 1st time buyer). 2 days before closing she cancels loan & will not return calls to realtor, rumor has she has decided to move in with boyfriend. What do we do?
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Old 11-28-2007, 11:04 AM
 
20,793 posts, read 61,147,762 times
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Originally Posted by pride 55 View Post
anybody have any experience, heres the deal. Sold our home through a realtor 2 mos ago, have signed purchase agreement with no contingecies, buyer has earnest money down, financing in place, inspections complete (fha 1st time buyer). 2 days before closing she cancels loan & will not return calls to realtor, rumor has she has decided to move in with boyfriend. What do we do?

You keep the earnest money and put your house back on the market. This is why earnest money is put down on home. It stinks but there is probably a financing clause in the contract.
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Old 11-28-2007, 11:06 AM
 
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Financing was terminated by her not the bank she was pre approved by two banks. Isn't she then in breach of contract?
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Old 11-28-2007, 11:35 AM
 
20,793 posts, read 61,147,762 times
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Originally Posted by pride 55 View Post
Financing was terminated by her not the bank she was pre approved by two banks. Isn't she then in breach of contract?

Not knowing all the details, who knows but what are you going to do, make her go to court and fight this. It is only going to cost you money, probably more then what you have in earnest money. They can walk away from the contract and forfeit the earnest money. If she was trying to get that back that is another story. I am sure one of the RE agents will help you out on this more but basically it is a no-win situation for you.
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Old 11-28-2007, 11:37 AM
 
721 posts, read 2,603,319 times
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You check with your realtor and review your purchase agreement. I am sure you keep the earnest money as Golfgal said, and eventually will have to put your house back on the market. It is really unfortunate for you at this time, but may be a blessing in disguise in the long run. My experience has been that people that fit her pattern almost always would be trouble after the deal closes anyway.
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