An interesting memory in the real estate business was the day we did business with a buyer who was “on the lam!” (that kind of lam doesn’t have a “b.”) How many times have you written an offer to purchase and the buyer falls off the face of the earth?
How can a buyer write a full price offer and then play Whitey Bulger? This was a real situation. We couldn’t find this guy. He missed the p&s date; the mortgage commitment date passed; and closing was only a few days away.
Needless to say the listing agent (from another office) threatened us every day and decided to put the home back on the market without any signed release. I reminded her that the offer to purchase is a legal binding agreement and in force until after the closing date. The home did receive another offer, but guess who surfaced a few days before closing?
The buyer contacted us and the buyer’s attorney. He had the cash to close, and close he did!! The other agent and office were sued by buyer #2 (and rightfully so!!) Our buyer never gave an explanation of where he was (and we never asked) but he bought the house, and that’s all I cared about!!
Comments(17)