What to Do if Your Home Buyer is Backing Out
Due to the recent headlines, real estate deals across the country may now be in jeopardy. However, a prospective home buyer backing out of the deal isn’t really that uncommon.
Here are some of the key first steps to take in the even a home buyer is backing out of the deal.
First, Protect Yourself
When selling your property, the last thing you want to worry about is a potential home buyer backing out. There are a few things you should consider when listing your home or when working out a contract to avoid such complications:
Thoroughly inspect your contract.
Pay attention to contingencies to make sure you are holding up your end of the deal.
Make sure you are using a reliable third-party. Typically, the title insurance agency will provide escrow services, but there should be a well-defined process in the event this occurs.
Pay attention to timelines which include periods where the buyer can legally back out.
Try to avoid making any major financial or life decisions before the sale is complete or specific deadlines have passed. If you decide to buy a new house or move across the country, those plans can be seriously disrupted if the home buyer ends up backing out. Protect yourself and make sure that everything is clear before committing to such an endeavor.
If the home buyer does back out, don’t panic! In many cases, it’s the buyer’s right to do so, and now it is your job to get things reoriented.
Try to Find Out Why
Buyers do not always have to give a reason for their backing out, but most will provide a reason if you talk to them sincerely. It is nice to know if there is a specific legal, survey, or property issue that is holding the buyer back. This will help you decide on how to go about making the appropriate changes as you begin to relist your property.
If the buyer does not provide a reason, you can talk with your real estate attorney about your next steps. Their experience might help them to see something that might’ve otherwise been missed.
Get Your Property Relisted
You should immediately relist your property for sale across the internet - Zillow, Realtor, Trulia, etc.
If you’re working with a Realtor, he or she can help you to relist on all the necessary sites so that others can start searching for your home again. They might even already have a roster of backup home buyers interested in the property.
Relax
Again, don’t panic! A buyer backing out is not the end of the world. Even if you were not prepared for this, you are going to be fine. Your real estate attorney will help guide you through the process and your home will be sold again in no time.
When we work with our clients, we like to encourage them to allow our team to do all of the worrying for them. For legal guidance with selling your home, get in touch with a real estate attorney at Lee Scott Perres, P.C.
