400,356
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.
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Jeanne Feenick
Basking Ridge, NJ
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
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Sandy Padula & Norm Pa...
, CA
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Chris Ann Cleland
Gainesville, VA
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Susan Emo
Kingston, ON
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Anna "Banana" Kruchten
Phoenix, AZ
5,048,883
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
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Bob Crane
Stevens Point, WI
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John McCormack, CRS
Albuquerque, NM
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Michael Jacobs
Pasadena, CA
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Lynnea Miller
Bend, OR
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Anna "Banana" Kruchten
Phoenix, AZ
5,005,586
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!!
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
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Monir Clark
Marietta, GA
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Lynnea Miller
Bend, OR
1,452,769
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!
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
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Lyn Sims
Schaumburg, IL
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Lynnea Miller
Bend, OR
637,434
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.
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
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Lynnea Miller
Bend, OR
232,019
It happens - nothing we can do about it - cold feet or buyers remorse
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Lynnea Miller
Bend, OR
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Bob Crane
Stevens Point, WI
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Jennifer Mackay
Panama City, FL
1,725,996
I agree with Jill Murty, Realtor - Orange County, CA . Cut your losses now and move on!
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Lynnea Miller
Bend, OR
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
7,835,407
Follow the terms of the contract.
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Lynnea Miller
Bend, OR
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
2,436,099
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.
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Lynnea Miller
Bend, OR
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
3,164,269
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.
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Lynnea Miller
Bend, OR
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
2,362,601
explain breach of contract and that you expect to keep the earnest money deposit which I hope was big!
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Lynnea Miller
Bend, OR
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Bob Crane
Stevens Point, WI
3,727,873
Better 3 days than 30! And within three, there are usually one or more contingents to get out on.
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Lynnea Miller
Bend, OR
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
1,771,867
It has happened to me. I would try to communicate with them and find out why.
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Bob Crane
Stevens Point, WI
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Lynnea Miller
Bend, OR
97,816
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.
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Bob Crane
Stevens Point, WI
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Lynnea Miller
Bend, OR
1,239,801
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.
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Bob Crane
Stevens Point, WI
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Lynnea Miller
Bend, OR
3,988,007
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.
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Bob Crane
Stevens Point, WI
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Lynnea Miller
Bend, OR
1,466,207
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.
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Bob Crane
Stevens Point, WI
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Lynnea Miller
Bend, OR
3,587,835
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.
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Lynnea Miller
Bend, OR
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Bob Crane
Stevens Point, WI
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Michael Jacobs
Pasadena, CA
3,383,334
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.
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Bob Crane
Stevens Point, WI
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Lynnea Miller
Bend, OR
711,752
I should have clarified a bit more. The seller canceled a vacation to accommodate the sale and is really mad.
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Bob Crane
Stevens Point, WI
61,716
'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?
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Lynnea Miller
Bend, OR
115,432
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.
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Lynnea Miller
Bend, OR
634,482
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.
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Lynnea Miller
Bend, OR
6,393,154
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.
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Lynnea Miller
Bend, OR
989,652
I'd tell the agent and move on - nothing much I can do
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Lynnea Miller
Bend, OR
1,661,936
1,157,785
Review the contract to see what it says about terminations and proceed accordingly.
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Lynnea Miller
Bend, OR
2,781,153
Honor it and diffuse the situation best I can thus performing my agent duties
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Lynnea Miller
Bend, OR
4,434,127
4,572,067
3,416,038
Let the buyer know they will lose their deposit and can be sued by the seller.
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Lynnea Miller
Bend, OR
31,843
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.
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Lynnea Miller
Bend, OR
4,935,667
It happened to be before also. Oh well, it is before some deadline.
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Lynnea Miller
Bend, OR
5,216,381
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!
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Lynnea Miller
Bend, OR
1,617,916
I would use the inspection form to cancel the transaction upon buyers direction.
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Lynnea Miller
Bend, OR
4,882,355
I would point out the default paragraph in the contract and then suggest the buyer see a real estate attorney.
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Lynnea Miller
Bend, OR
1,844,271
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 ....
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Lynnea Miller
Bend, OR
3,340,443
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.
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Lynnea Miller
Bend, OR
4,319,419
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.
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Lynnea Miller
Bend, OR
4,272,548
2,707,721
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.
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Lynnea Miller
Bend, OR
2,443,250
I would hurry up and get it signed and back on the market.
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Lynnea Miller
Bend, OR