The Deal Fell Through, Now What?

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

Not every offer becomes a contract, and not every contract becomes a sale.

So the deal falls through, what does that mean to you as a home seller?

Obviously, you need a replacement buyer, so it's critical to get back on the market in an Active status as quickly as possible.

So step 1?  It's completing the termination of the original contract.  There's a form for that and it accomplishes two primary purposes:  terminating the contract AND determining disposition of the earnest money.  Assuming the buyer was compliant with the contract (and NORMALLY this is the case), the earnest money goes back to the buyer.

If you're tempted to fight over the earnest money, understand that it takes a MUTUAL agreement to split the funds unless you want to go the legal route.  And while you're tied up in that fight, we're most likely delayed in getting your home back on the market.  For further questions on this, consult a real estate attorney.

Step 2:  Assuming the contract terminates AFTER home inspections, you need to assess if you have further items to disclose on the Ohio Residential Property Disclosures.  Factual defects have to be disclosed (e.g. mold, radon, structural defects, electrical issues, etc.) so if there's new information pertaining to your home's condition, it's critical to disclose those.

Step 3:  With the new knowledge of the home defects, it might be prudent to address the significant defects.  It's one thing to say "radon exceeds limits" vs. "radon mitigation system installed to correct failed inspection result".

Step 4;  Return to marketing your home for sale

Further questions?  Just contact The Liz Spear Team of RE/MAX Elite at 513-520-5305 or Liz@LizSpear.com.

 

Serving Greater Cincinnati Ohio home buyers and sellers,

Bill & Liz aka BLiz

 

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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Ambassador
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Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Liz and Bill Spear 
So true - once you have the inspection results --- 
if there's new information pertaining to your home's condition, it's critical to disclose those.
Happy Thanksgiving!!!!
Lynn

Nov 25, 2019 12:51 AM #1
Rainmaker
955,188
Bob Ratliff
Robert Ratliff Realty - San Antonio, TX
"Sold with Bob"

Great tips for sellers to consider if contract falls apart and of course if it's because of buyers inspection report defects not listed in the original Sellers Disclosure....seller should disclose, disclose, disclose of any new defects....... Have a safe Thanksgiving week.

Nov 25, 2019 02:21 AM #2
Rainmaker
3,546,495
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Bill. Each failed contract brings up new issues. Focus on the right solutions. Enjoy your day.

Nov 25, 2019 05:17 AM #3
Rainmaker
3,611,883
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Liz and Bill - unfortunately stuff happens.  Whether it be real estate or real life.  You "plan" for how sellers can handle with transactions than have run amok are quite helpful.  And realistic.  Move on.  

Nov 25, 2019 05:22 AM #4
Rainmaker
2,843,086
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

There is always something around the corner in this business. Love and light.

Nov 26, 2019 08:16 PM #5
Rainmaker
2,843,086
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Michael Jacobs There is always something around the corner and we can move on to something better. :)

Nov 26, 2019 08:20 PM #6
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