After The Buyer Of Her Home Missed The Closing Deadline, She Kept His $50,000, And He Was Furious
This woman and her husband decided to sell their home, and their house was listed for nearly a full year before they finally received an offer.
The buyer was offering them 10% below the asking price. And while that was disheartening, she and her husband just accepted the offer to get the deal over with.
However, part of the preliminary purchase agreement required the buyer to put down a whopping $50,000 in earnest money. Then, he agreed to close in 60 days, which should have been August 15.
Well, the closing day rolled around, and she and her husband hadn’t heard from the buyer’s agent until the end of the business day.
“At 4:30 p.m., we finally heard that the buyer wouldn’t have the downpayment in time due to undisclosed financial problems,” she recalled.
So, the buyer wound up begging for an additional two-week extension to close on the house.
Now, she claimed that normally, she would have been sympathetic to the buyer’s situation. But, she and her husband had turned down other potential buyers and offers because they were relying on that specific buyer’s closing date– which was agreed upon in their contract.
“Plus, we already made plans to move to our newly purchased home abroad,” she added.
That’s why she ultimately decided to enforce the terms of the purchase. In other words, the buyer forfeited his $50,000 by failing to close on the agreed-upon date without a breach by the seller.
Pixel-Shot – stock.adobe.com – illustrative purposes only, not the actual person
Once the buyer found out about this, he was seriously infuriated, too. According to her, he threw a big fit since he “lost fifty grand.”
“But why should I incur losses for his failure with so much money on the line?” she vented.
Apparently, her agent also agreed that she had a legal right to keep the $50,000 after the buyer failed to close.
Nonetheless, ever since she went ahead with enforcing the terms of their purchase agreement, she hasn’t been able to stop wondering if keeping the buyer’s $50,000 was really the right thing to do.
Can you understand why the buyer was so upset about losing so much money? At the same time, wasn’t she legally entitled to keep the funds? What would you have done in this tough situation?
You can read the original post on Reddit here.
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