Afraid buyer is going to backout?

**MikeJenpoo** · 01-30-2010, 08:59 PM

Hi, I recently bought a new house and is in the process of selling my old one. I found a buyer, we negotiated, then signed a contract and mailed off to our lawyers. He also paid a deposit.

Now about 2 weeks after the contract/deposit, hes showing signs that he doesnt want it anymore, but he is not telling me probably because he doesn't want to lose his deposit? But there is a significant chance of him canceling last minute which screws me over because I need to pay for the new house.

I was wondering, is there something in the contract that will protect me somehow incase he cancels on me? Other then keeping the deposit which wasn't significant at all ($3000 on a $250k house).

Thanks, please lemme know if you need more details.

**Greg** · 01-31-2010, 04:20 AM

You are asking us what is in your contract and we don't know what state you are in or if you used a state authorized contract, or something you picked up at home depot. ??

**martin.schellenberg** · 02-01-2010, 04:19 PM

People that's why you hire an agent !!! Anyways, now that you are in the situation, I hope you made the purchase of the new home contingent on the sale of the old one, right?!? Greg is right, you need to tell us what kind of contract you used ...

**pit** · 02-05-2010, 03:34 AM

yeah people always say they dont need an agent but then run into situations like this. this is why its best to hire a professional.

**Codythebest** · 02-05-2010, 04:05 AM

Guys, they hired professionals...look at this 'copy/paste' from the OP:
"...iated, then signed a contract and mailed off to our lawyers. He also pa..."

So I don't see anything alarming here for the seller or the buyer. They are in good hands, right?

**BoiseRealEstateSoup** · 02-05-2010, 08:27 AM

Not a good deal.

File this under the category of "which I'd though about hiring an agent".

Honestly, people, when are you going to realize that there is more to buying and selling real estate than just filling out the appropriate paperwork.

When will you admit that there is a valid place for Realtors beyond a lockbox, the MLS and the closing table (also, when are some Realtors going to start providing services beyond that too?).

There are complicated and complex psychological systems involved with the 'Sales Process'. Its important to recognize that and address buyers remorse and nibbling after the contract is signed. Good Realtors know how to recognize this and what to do.

Unfortunately for you, you decided to take the cheap way and save money because someone told you a lawyer could handle it. How about you go have your lawyer talk this guy down and keep the deal together?

Oh, and whoever gave you the advice to buy before selling was a pure genius.

Want to fix this. Hire someone who knows what they are doing.