Closing On A House | What happens when a buyer doesn't close?

What happens if a buyer doesn't cannot, or will not, close on your house?
One of the most stressful and unclear parts of the real estate transaction process is the closing. Until you close, your deal is really up in the air and can fall apart. Depending on your situation a deal not closing can put a load of stress on you as the market may have changed, you may have already purchased another home, and/or you need the money for other obligations. Either way we're going to talk about what exactly happens when you don't close.

In this video, I explain what happens when closing day comes and the buyer cannot, or will not, close on your home.

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[guyhen]

I recently used time of the essence to cancel a contract after 5 months of escrow. First, the buyer asked for concession . Next, they asked for a 10-day extension. After that, they removed one buyer and replaced them with a new buyer. Meanwhile, it was going on 4 months. Then, the attorney called to say they do not agree with the time of the essence. I was so angry and tired that I told my attorney that I'll give them back their downpayment. They finally agreed, and the contract was finally canceled because they could get the final closing from their bank. A week later, my listing agent called, stating that the bank called saying that there were some changes to the FHA deal that would allow the deal to close and if Im interested in opening the deal. Which would take about 7 days. I'm lost. Should I give them a second chance or just start all over.

[grumpyschnauzer]

In our scenario the Inspector did not detect mold. We found mold at the final walk thru (after some rain). This is after us waiving contingency. Pictures in the listing show a new post on the porch but old Google images show a moldy post. Also, seller did not satisfy his contractural agreement to remove metal sheds in the backyard. These sheds were present at the time of the walk-thru. We are heavily considering backing out after this seller was also doing everything possible to stall the sell.

[skuelmo]

We had a situation with a difficult seller, inspector recommended they reduce it by 5k they refused, we let them be . Then the bank appraisal matched the inspector opinion, they also were unable to tell us how old the roof was . unfortunately we didn't have an extra 10k so we lost the home . seller just relisted at an even higher price although the bank appraisal came back 10k less than our offer. I'm very sad about the whole thing. our offer was 460k on a listing that was originally 415k.

[GROTFO]

If your sale fell through, which option would you take?

[princeshahnawaz]

We bought the house in March and the closing will be on June 10th. Would it possible to walk out of this deal if I am ready to lost the deposit $30k ? I feel our deal is not good enough. What are the possibilities. Thanks

[titi]

Im selling my house. The contract was signed, then they asked for a time extension. Now they want to back out. I lost time and money, and the agent said the earnest money goes back to the buyer. Is there something I can do? Now the house is going to have an stigma, people will think there's something wrong with the house. Im so desperate. I live in Texas. Any recommendations?

[daily_Meme_Maker]

I am a first time home buyer and my home apreseal value is 200k lower.what should I do? I can't arrange a difference of 200k. And my seller gave me pressure to buy a home. He tells me that he would go to court and sui me.bi is very dispersed I can't afford this home. Give me some suggestions.

[ubsay]

Can you help me in this situation I make an offer for house down payment with no with no condition no we have some problem on the closing day Rent-A-Center didn't give me a extension what can I do now

[RSDAN]

Hi, question if u dont mind. My house closes next week dec 29th. I haven’t heard anything after two different home inspections. I think one was by the bank loaning money to the buyer and the other way the inspection for damage and all that stuff. My family lawyer is doing everything for the trust. It was my moms house and she passed away so it gets divided 4 ways. My lawyer asked for my bank info and said he would wire the $750, 000 “my cut” to my acct. How long does that take after closing ? Will I have money by the 31st or sooner ? Thanks so much for the help. I live in Los Angeles also. 👍🏻💪🏼💪🏼💪🏼

[karinarazakhan]

I am in a tough situation and need your help, may I please get your contact information ?