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Old 06-15-2012, 04:31 PM
Location: Texas
1 posts, read 3,800 times
Reputation: 10


My husband and I found an AMAZING home this past weekend and called our realtor to put in an offer 2 hours after we looked at it. He called back a few minutes later to report that it had been sold, and was likely negotiating while we were looking at it. We were super bummed, but asked our agent to put in a backup offer. He actually knew the listing agent well and are basically top of the backup list. We are offering full price, and are flexible with move in date as the seller is building a home and would like to lease it from the buyer until theirs is built. I'd say we're the perfect buyers for this situation.

Come to find out, the people that put in the offer hadn't seen the house yet because they don't live in town, it was their parents that made the offer. They saw the house the same day of inspection, which apparently went well. There's 4 days left for them to back out (of course nothings set in stone until closing) and I am wondering what the chances are that they back out? Obviously we love this home and are on pins and needles until it's final, and then either be seriously disappointed, or thrilled.

Anybody experience anything like that, or are there numbers on how often people back out of their contracts?
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Old 06-15-2012, 04:39 PM
Location: Boise, ID
8,011 posts, read 22,505,069 times
Reputation: 9213
You must have some sort of state thing that gives buyers an out. In my area, buyers on a normal sale (not bank owned, not short sale) don't back out very often unless something bad turns up on the inspection.

But if there is a built-in out, and the buyers haven't actually seen the house yet, you could have a shot.

Now if it is a short sale, the answer is completely different. Most buyers get frustrated with the LONG process and give up without closing, so the percentage is really high. But you didn't mention it was, and said the sellers are building a new house, which means they have to not destroy their credit, so I assume this is a normal sale.
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Old 06-15-2012, 07:39 PM
Location: NJ
17,579 posts, read 38,295,421 times
Reputation: 16098
Sounds like they did see the house when the inspection was done. I think you are most likely wasting your time and energy OP. My guess is the odds of backing out at this point are very low. Look for another house.
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Old 06-16-2012, 06:05 AM
4,963 posts, read 3,925,200 times
Reputation: 2917
Oh my gosh, I had a buyer back out the day BEFORE the closing ; less than 24 hours. It was in contract for 10 months and the buyer kept stalling.

yes, we did keep the deposit. He just changed his mind.
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Old 06-17-2012, 01:33 PM
Location: El Dorado Hills, CA
3,670 posts, read 7,974,554 times
Reputation: 3748
And sometimes the buyer gets all the way to close and cannot get the loan to fund. But if the parents are the buyers, that might not be likely. Don't get your hopes up.
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Old 06-17-2012, 07:31 PM
Location: Raleigh NC
7,758 posts, read 6,114,541 times
Reputation: 6882
It really does depend on how contracts "work" in your area/state, but the current answer is - the only thing you can do is wait 5 days and find out. If the Sellers have an opportuntiy to void the other offer and take yours - you've given them that option. That's all you can do for now.

But be a realist - if it's meant to be, it's meant to be. If not - another great home will come along.
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