It’s stressful to sell a home fast for cash, and that can get more stressful when your buyer decides to back out of the deal. There are various ways to prevent this, including making sure that your buyer signs a contract before you get very far into the sale, but there are also ways you can bounce back from this and make sure that you sell your home fast for cash. Here are the best ways to deal with your buyer backing out on a sale.
1. Check Your Contract!
If your buyer has already signed a contract before they backed out of your sale, it’s time to look over that again and make sure you didn’t leave any hidden clauses that allowed your buyer a backdoor exit. Also, consider if you included any legal means of action or repercussions for the buyer when they back out of the deal. If you’re not sure what your contract says, or how to act on your contract, your real estate agent and your property lawyer can help you work through this portion of your home sale.
2. Consider the Earnest Money
When you sell or purchase a home, the buyer is typically supposed to fork over some earnest money which means they’re actually considering purchasing the home. If your buyer contributed earnest money and then backed out at the last second, you may still have some legal avenues to pursue. Your contract should specify what happens to the earnest money, and your lawyer or real estate agent can help you solve this quandary. Usually, if the buyer chooses to walk away from the sale even though they’ve paid the earnest money, the seller gets to keep it!
3. Have You Thought About Suing?
Suing isn’t the right option for everyone, but sometimes it gets the job done right. Typically, if you’re allowed to keep your earnest money, most people find it in bad taste to sue a buyer who’s walked out of a sale. If your contract is more demanding, though, or you don’t get to keep the earnest money, you might want to consider suing your buyer for lost time or damages. Just like everything else, your real estate agent and a lawyer can help you find the right way to do this step.
When Your Buyer Backs Out, Don’t Forget About Your Own Rights
If you find yourself stuck when your buyer backs out of a deal, don’t forget about your contract! Reading back over what you originally agreed to can offer a lot of insight on your potential home sale, and might be enough to trap your buyer in a sale they initially agreed to. Remember to refer to your real estate agent and lawyer throughout the whole process so that you don’t overstep your rights as a seller.
If you find yourself stuck because your buyer backed out, we can help you sell your home fast for cash. We buy houses in Stockton and beyond, and we’ll be happy to offer you a great deal too. Contact us today to learn how we can buy your house fast for cash so you don’t have to worry about another buyer backing out.