Thread: Inspection noted nothing wrong, but buyer walked away anyway

In fact such things can happen. It looks as if the buyer found a better variant with cheaper price. You need to try again and start everything again.

What day was the contract signed by all parties? He does have a grace period that allows him to backout for any reason and based on the timeline he was within that period it seems. Also, legally he can use any reason on the inspection to backout. Was a reason given?

Originally Posted by FSUdan21

Hi All-

I have a simple question that I wanted to get some feedback on.

Last week we had a buyer submit a contract for purchase of my home, along with $2k in earnest money.
After some counter-offers, the buyer and I agreed and signed a contract with 10-days for inspections.

The inspections occured this last Monday and the initial report noted 'concerns' but 'nothing major.'

The buyer had until today to submit any addendums to the contract for discovery of the inspections.

The buyer informed his real estate agent that he has decided to cancel the contract.
My real estate agent has informed me that I have no recourse available to me and the earnest money will go back to the buyer.

Is this right?? I can't believe a buyer could cancel without any major issues with a house.

This is quite a common situation. The answer could be the buyer could have found something better in either price or the house itself. Most buyers have many options actually, which helps them determine which of their options are far more better to them than the others. When one option looks great for them, they mostly leave or cancel on other options as long as they do not have any other agreements yet that could legally pursue them after all.