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We got our offer on our home on 12/20/08. Our original closing date on our purchase contract was for 1/31/09. At that point the buyer did not have the funds available so we offered an extension. The extension date went to 2/16/09. Because we were selling the home at a $100,000 loss and made the choice to not do a short sale we took equity out of another home to sell this one. Our lenders cancelled our loan by the 2/16/09 timeframe because we did not wire the money. This caused us to have another extension on the home until 3/16/09, and because the buyer no longer had a place to live we had her sign a pre-occupancy clause, and she lived in our home for a month. As the final closing date approach our original lenders stopped communication, so we went elsewhere for the lending. We got the loan and had to get the 3/day right of recision waived due to this situation, and that the buyer was looking to sue us if we were not ready to go. In the meantime the buyer had made the decision that she no longer liked the house once she was living in it (to much noise). We were prepared to close and in route to the closing (6 hour round trip) when we were told that the buyers lender dropped the ball, and there would be no closing and no sale, considering that the contract was expiring. Can the buyer really just walk away? How can you prove that they are using this as an excuse to walk away?
You need an attorney. If the buyer did not close because they couldn't get financing that is one thing. If the buyer can get financing but didn't diligently persue it that is entirely another thing. You need to speak with an attorney to figure it out.
Your in a tough position - first mistake NEVER NEVER let a buyer move in before closing!!!!!!!!!! Now you have a renter.
You can't force someone to buy - I would let the buyer out so you can move on and find a serious buyer. If a buyer really doesn't want to buy they can find a million excuses to get out of the purchase. Put this mess behind you!
I've sold hundred of houses and if a buyer wants out - I give their deposit back and find someone else who is serious - it isn't worth the mental aggrivation to try and force a sale with an unwilling buyer.
Get an attorney, not just any attorney but preferably a real estate attorney. At the very least a contract attorney. You don't want an attorney to bill you for time they spend trying to figure out what they are doing because this may not be their specialty. Experienced RE attorneys may cost more per hour but less time spent means less money spent.
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