Some buyers can be difficult to deal with, making unrealistic, excessive, or inconsiderate demands on the sellers time. If the buyer threatens to exercise one of their contingencies, the seller can play hardball to encourage them to walk away from the sale. Escrow Disputes: What You Should Know | The Closing Agent Buyer's Remorse | Psychology Today The answer lies in the contract. the cost of paying for the buyer's closing costs will be more than they're willing to pay. When home buyers get a home inspection, they'll often request that sellers make repairs based on that report, or issue a "repair credit". So when are they free and clear? Remember, as a buyer, you already have to shell out for your down payment, which could be around 20%. Knowing your sellers goals and situation can help you make the right concessions for both sides to walk away happy: if your seller is under pressure to sell quickly, you should probably try to offer a sooner closing date or fewer contingencies, One party uses an exit clause to terminate the contract. This is called making a "breach of contract.". Its hard to imagine any buyer would simply walk away without a significant incentive to do so. However, they can't accept any of those offers unless the first contract falls through. Failure to complete the contract may give the agent grounds to sue the seller. Though uncommon, the seller may be able to back out of the sale if the buyer violates specific terms of the agreement. The seller may be able to convince the buyer to walk away by refusing to renegotiate following a home inspection. If the appraisal is higher than the sale price, the seller can't nix the contract to pursue a better offer unless they have another valid reason. Especially if theyre selling their own home or relocating for a job. Copyright 2023 AboutFloridaLaw.com. The answer may vary.
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