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When the Buyer Backs Out, What Do You do?

  • September 6, 2019
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When the Buyer Backs Out, What Do You do?

Selling a Home? The Biggest Last-Minute Nightmare!

 

Selling your house is not to be taken lightly. Chances are you have gone through a lengthy process that has taken more time than you care to remember. Finally, you find the right buyer at the right price. You are pleased to accept the offer and look forward to closing day. Only once closing day arrives, the buyer backs out of the sale!

 

When the Buyer Backs Out, What Do You do?

Your real estate agent probably prepared you for many things when it comes to the sale of your home, but most Oakville realtors wouldn’t think to prepare you for when the buyer backs out of the sale on, or just before, closing day.

 

Buyers generally don’t back out, and it is a rare occurrence. However, when it does happen, you want to know what to do and what your rights are.

Before Signing the Contract

If the contract hasn’t been signed yet, chances are you have no rights whatsoever. If you accepted an offer, but it hasn’t yet been put into writing, the buyer can back out of the contract without any penalties. With most of Oakville real estate, there is likely some haggling back and forth that happens before the contract is signed, at this point, anyone can back out of the sale.

 

After the Contract Is Signed

Once you have a signed contract in hand, and the buyer has made the purchase legal with the push of a pen, you have more rights than you can claim. Your real estate agent probably included a breach of contract clause in the contract itself that will include liquidated damages clauses.

 

Liquidated damages means a dollar amount that the buyer must pay in the event of a breach of contract. This dollar amount can be very expensive, and you must check with your realtor regarding this clause.

 

Reselling Your Home

Now that the sale of your home has fallen through, your real estate agent may start checking the list of offers you got before you chose the one that didn’t pan out. Your realtor may start contacting other Oakville realtors to see if their clients are still interested in your home.

 

This process may seem time-consuming and frustrating for you, but it is a good place to start to try and sell your home again. If someone who put an offer on your home hasn’t found another that they like, chances are they are still interested in your home.

 

Sotheby's Oakville Ontario MLS Experts
Sotheby’s Oakville Ontario MLS Experts

Make Use of Local Realtors to Get Your Home Sold

Having an Oakville realtor who is aware of the area and the local buying and selling laws is an asset to you. If your buyer backs out at the last minute, you want to know what to do as soon as possible, and you need the right realtor to help you. Contact Alex Irish today. We have the knowledge and skills to help you when a buyer backs out of purchasing your home.

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