Serious Misinformation

[Donna Drake]

Hi, all,

My closing date has been extended to the 29th of September as my buyers buyer is shy 10K on their loan.

I had two offers, and chose the second offer because she was supposed to be a CASH sale.

This is not true. The Realtors lied to get me to go with the second offer. Harsh words, but true.

The inspection scared my buyer to death, although these are minor issues already taken care of, and to be expected in a older home.

Back to my problem. I may not close because my buyer is still in Colorado waiting to see if her buyers complete their loan process.

There wasn't supposed to be any loan! I let perfectly great buyers go as I was LIED to about this being a cash sale.

Who do I turn to to report this falsehood? This is unacceptable, and no Realtor should get away with this.

When confronted all they said was, "sorry."

What do I do about this? If anyone knows, it will be you all on this forum.

I am not going to sit back and let this go. I may lose my sale because of this.

HELP!

Thanks,

Donna

[Brian Levredge]

At what point did you realize it was not a cash offer? If they were offering cash, the offer should have been submitted along with a Proof of Funds. As the seller, you also should have demanded a large Earnest Money Deposit, which shouldn't have been a problem since they were paying cash. Was this your Realtor that lied to you? Or the Buyer's Agent? How was the offer written up? I would think that if the offer was written as cash and now they're trying to obtain financing that you should be able to cancel because they failed to perform. Really depends on how the contract was done.