All Forum Posts by: Sean Kloczkowski

Thanks everyone for the input!  I am in Massachusetts by the way.  It does appear that until the buyers sign to release, the property cannot be relisted or sold.

The extension was for the loan approval @ Wayne Brooks, so what you're saying is probably right.  

What I am getting is that this is kind of a sh*tty situation, but that's the way these agreements and contingencies work unfortunately.

I'll talk more with my attorney and agent and post how this ends up panning out.

Looks like our lawyers had talked and had a signed extension through closing date (today).  Verbal agreement to continue sale at lower price happened Monday, decision to back out of deal happened Wednesday.  

Agent and attorney think that we have an argument in court to maintain the EM based on what has happened. I don't want to go to court, but I don't think the buyers do either.  

I cut and paste some of the things from the contract - hope this helps with understanding the language.

To answer the other question, the buyer verbally agreed to continue the sale at the appraised value which he was approved for, which was $244K

Hi all,

Thought it wise to solicit some advice from those with much more experience and background in real estate than myself.  I am selling my house, and the buyer has decided to back out of the deal two days before closing.  

They are stating the reason to be that they cannot obtain financing for the original agreed purchase price because the appraisal came in low. Now I know this essentially grounds to allow the buyer to back out. However, the buyer had agreed to continue with the purchase after I agreed to lower the purchase price to meet the appraisal amount which they had a loan commitment for. A couple days after this agreement (2 days before closing), the buyer decided they no longer wanted to continue with the deal even at the newly agreed upon price and did not sign for the new price.

Originally they were signing the release for earnest money, but are now deciding to fight to keep this as well.  The EM is $6K. Do I have any recourse here, or should I just let it be and move on?

Thanks