Special offer
Lynnea Miller, Premier Real Estate Service in Central Oregon (Bend Premier Real Estate)

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Rainmaker
400,356
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

Have the seller sign the cancelation instructions, have escrow release the earnest deposit money and be happy the buyers didn't wait until the last day of the contingency period to cancel.  

Sep 21, 2016 10:04 AM
Ambassador
5,048,883
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I would want to know why, if they are willing to discuss it. Perhaps cold feet? Buyer's remorse? But you have to respect the buyer's wishes, get it all signed, and move along. Better to find out now then right before closing

Sep 21, 2016 10:20 AM
Rainmaker
5,005,586
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

We have an option period in Texas and the buyer can back out for any reason during the negotiated time. Usually the time is between 8-10 days. I'm with Kenneth J. Jones, SRES, SFR, SCGREA ..move on!! Sell to someone else and leave this in the past!!

Sep 21, 2016 11:42 AM
Ambassador
1,452,769
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

It happens to all of us.  Be thankful it is early on and you can find another Buyer.  I tell all my Sellers, that until the cash is in their hand, any deal can crash and burn!

Sep 21, 2016 11:12 AM
Rainmaker
637,434
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Early on like that, there are so many ways to get out of a contract here in California. Not so later on. You would think, though, that a reason would be given in order to get the EM back.

Sep 21, 2016 11:23 AM
Rainer
232,019
Jessie Cochran
Counts Real Estate Group, Inc. - Panama City, FL
Panama City Realty Group

It happens - nothing we can do about it - cold feet or buyers remorse

Sep 22, 2016 12:02 AM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

I agree with Jill Murty, Realtor - Orange County, CA . Cut your losses now and move on!

Sep 21, 2016 10:50 PM
Rainmaker
7,835,407
Roy Kelley
Retired - Gaithersburg, MD

Follow the terms of the contract.

Sep 21, 2016 09:31 PM
Ambassador
2,436,099
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Your seller is angry that he canceled a vacation for a closing (which he may have done a bit early if this deal was only 3 days in). Hopefully he will settle down soon and realize that he better get his home back on the market ASAP if he truly wants to sell it. Maybe he'll get an even better offer.

Buyers drop out for all sorts of reasons. I think it's a positive that this happened right away, not a month later when the boxes are packed and the sellers are ready to leave.

Sep 21, 2016 09:20 PM
Ambassador
3,164,269
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I advise the seller to speak to an attorney about their options.  

However we are not a due diligience period state so it happens here a bit more.

Sep 21, 2016 03:22 PM
Rainmaker
2,362,601
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

explain breach of contract and that you expect to keep the earnest money deposit which I hope was big!

Sep 21, 2016 01:18 PM
Ambassador
3,727,873
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Better 3 days than 30!  And within three, there are usually one or more contingents to get out on.

Sep 21, 2016 12:52 PM
Rainmaker
1,771,867
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

It has happened to me. I would try to communicate with them and find out why.

Sep 21, 2016 11:42 AM
Rainer
97,816
Carol Wilson
Your $imple Home - Toronto, ON

A very uncomfortable time, but if you use lots of mirroring of your seller's communications, he will feel heard and more easily move on to what is next. Mirroring would also be an excellent tool should you get to talk to the buyer (buyer's agent I guess), to find out what went wrong.  You can name (perhaps) the top three reasons why people change their mind as though the buyer's agent has shared it with you (but they haven't) in passing, and may even be able to open up a conversation that way.

Best wishes in finding a way to move on with them.

Sep 21, 2016 11:19 AM
Rainmaker
1,239,801
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Three times this summer. Main reason prices are steep and buyers got 2nd thought.  I will not change status to Pending until the deposit is cashed.

Sep 21, 2016 11:02 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I have had that happen and know in many cases that the buyer can find a reason to get out of the deal later with the home inspection process. I advise the seller of this and most of the time the seller will release the buyer with loss of the earnest money.

Sep 21, 2016 10:49 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Lynnea Miller The three day right of recission does not apply to a real estate transaction. Remind them that they signed a valid contract and the seller could sue for non-performance.

Sep 21, 2016 10:32 AM
Ambassador
3,587,835
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Lynnea not a fun situation but it does happen. Here in AZ buyers typically have a 10 day inspection period where they can walk away for any reason. I hope you can figure out why they got cold feet and get them back on the right track to finding a home that fits them better.

Sep 21, 2016 10:27 AM
Ambassador
3,383,334
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

 I don't see any way that a seller can make a buyer purchase a home they have had second thoughts about.  Sounds like if they want to get litigious about it, they need to consult an attorney.  I see no point going there though.  Sign the release and move on.

Sep 21, 2016 11:19 AM
Rainmaker
711,752
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I should have clarified a bit more. The seller canceled a vacation to accommodate the sale and is really mad.

Sep 21, 2016 10:59 AM
Rainmaker
61,716
Scott Thompson
Columbia Mortgage Plus - Blue Springs, MO
Commerical Finance - Blue Springs, MO

'Bout all you can do there is send cupcakes and remind them life is not an exact science.

Where the buyers involved in a plane crash or something?

 

Oct 07, 2016 01:22 AM
Rainmaker
115,432
Jeanne Feenick
NextHome Premier - Basking Ridge, NJ
The Agent you choose REALLY does make a difference

I agree with Jill - you can't force someone to buy - the problem is that the seller will be held up in battling the buyer, with the marketing of the property in limbo. I had a similar situation except that it was far into the transaction and so the impact great in terms of time lost. Nonetheless, the seller agreed to cut the buyer lose so we could get on our way and get the job done ---- which we did.

Sep 27, 2016 11:17 PM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

There may not be a rescission period in your state but there is probably some period for buyer inspection and release of contingencies. Educate your seller, listen to his upset and when he is ready move on to finding another good buyer.

Sep 25, 2016 06:51 PM
Ambassador
6,393,154
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

First I would see if there is a concern that I could help them with, then if not resolvable, move on to the next buyer.

Sep 22, 2016 12:42 AM
Rainmaker
989,652
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I'd tell the agent and move on - nothing much I can do

Sep 22, 2016 12:25 AM
Rainmaker
1,661,936
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

First thing I think is lawyers.

Sep 22, 2016 12:13 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

Review the contract to see what it says about terminations and proceed accordingly.

Sep 22, 2016 12:07 AM
Rainmaker
2,781,153
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Honor it and diffuse the situation best I can thus performing my agent duties

Sep 21, 2016 11:58 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

The others have given good advice.

Sep 21, 2016 11:54 PM
Rainmaker
4,572,067
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

It happens.  Move on.   

Sep 21, 2016 11:43 PM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Let the buyer know they will lose their deposit and can be sued by the seller. 

Sep 21, 2016 11:12 PM
Rainer
31,843
Monir Clark
Atlanta Communities - Marietta, GA
Real Estate agent specialized in Northwest Atlanta

Here in Ga the buyers don't have to give any reasons to terminate a contract in the due diligent period, regardless of how seller feels about it.

 

Sep 21, 2016 11:06 PM
Rainmaker
4,935,667
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

It happened to be before also.  Oh well, it is before some deadline.

 

Sep 21, 2016 11:04 PM
Rainmaker
5,216,381
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

No contingencies, sorry its yours or you can forfeit your earnest money! If there are contingencies, advise the seller to release them and move on!

Sep 21, 2016 10:59 PM
Rainmaker
1,617,916
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I would use the inspection form to cancel the transaction upon buyers direction.

Sep 21, 2016 10:07 PM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

I would point out the default paragraph in the contract and then suggest the buyer see a real estate attorney.

Sep 21, 2016 09:51 PM
Rainmaker
1,844,271
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Just let them go. There is nothing that can be done at that point & not worth the court time involved for all.  Move along as they say.

Seller is mad because you are letting them be mad & drag this out! 2 days market time lost - yeah, right, that's a tremendous amount of mental anguish there ....

Sep 21, 2016 09:45 PM
Rainmaker
3,340,443
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

I woud first encourage them to sleep on it...and discuss the big why...and if feet got cold ...sometimes there are no slippers that will warm them to staying in the deal.

Sep 21, 2016 08:48 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Lynnea Miller - that's one reason I spend time with buyers before showing any homes.

And this can still happen - just do your diligence and send the release form to the seller.

The EMD money can be a concern if it is not done within guidelines of the contract.

Sep 21, 2016 04:07 PM
Rainmaker
4,272,548
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I would ask my managing broker.

Sep 21, 2016 02:45 PM
Rainmaker
2,707,721
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

We have an Option Period in our contracts and if it is used, the buyer can terminate the contract for any reason.  If not, they would be forfeiting their Earnest Money.

Sep 21, 2016 01:33 PM
Rainmaker
2,443,250
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I would hurry up and get it signed and back on the market.

Sep 21, 2016 12:35 PM