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

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Rainmaker
351,603
Jill Murty, Realtor - Orange County, CA
PREA Realty - 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
3,919,379
Jeff Dowler, CRS
Solutions Real Estate - 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
3,767,046
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

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
1,250,168
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
516,859
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
212,134
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
1,523,697
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, 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
5,272,045
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Follow the terms of the contract.

Sep 21, 2016 09:31 PM
Rainmaker
1,406,513
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

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
2,851,142
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
1,649,888
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

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
3,673,547
Patricia Kennedy
RLAH Real Estate - 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
Ambassador
1,769,715
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
97,766
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
985,899
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
Ambassador
3,981,968
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

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
1,367,627
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
2,803,631
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

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
3,077,144
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, 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
384,165
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
1,000,297
Corinne Guest
Corinne Guest, REALTOR® | Barrington Realty Company - Barrington, IL
Barrington Lifestyles

We don't have to, they would simple be re-directed to their attorney, attornies handle our sales after contract acceptance. We have a 5 day review.

Sep 21, 2016 10:27 AM
Rainmaker
61,566
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
111,294
Jeanne Feenick
NextHome Premier - Basking Ridge, NJ
Basking Ridge, Warren, Bridgewater Market Expert

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
633,936
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
4,067,090
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - 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
823,788
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
Ambassador
1,491,871
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
1,157,264
FN LN
Toronto, ON

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

Sep 22, 2016 12:07 AM
Rainmaker
2,426,599
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
4,432,093
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
3,247,802
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It happens.  Move on.   

Sep 21, 2016 11:43 PM
Rainmaker
2,945,212
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's 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
21,287
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
3,076,215
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
3,173,507
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
Ambassador
1,613,518
Harry F. D'Elia
RentVest - 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
2,905,314
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
1,508,764
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

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
3,193,298
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - 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
Ambassador
4,298,326
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
Ambassador
3,047,126
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I would ask my managing broker.

Sep 21, 2016 02:45 PM
Rainmaker
147,907
Esther Preston
Heartland Realty - Redmond, OR

Explain the seller has the right to keep the earnest money and there could be legal action taken.  Most times it doesn't end up in a legal battle. The seller will more than likely calm down and want to get it sold again. Give it a few days.  

Sep 21, 2016 01:51 PM
Rainmaker
2,704,398
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
2,394,765
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