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Updated over 9 years ago on . Most recent reply
Buyer backing out after he's already signed the "Contract Assignment"
Can a buyer do this? He hasn't submitted his EMD yet but he has signed the contract assignment document. I've already started the title work but than I get an email this morning stating he's backing out because his ARV minimum is 125k. My email I sent him clearly states ARV is 106k for this house. Do I have any type of recourse in this situation? Or has anybody been in this type of situation?
Most Popular Reply
Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
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- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
You have no practical recourse. This is why You don't sign the assignment without EM.