Real Estate

Buyer not closing on firm deal

  • Last Updated:
  • Oct 20th, 2017 9:52 am
Deal Addict
Jul 3, 2011
4405 posts
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Thornhill
Furcorn wrote:
Sep 12th, 2017 6:40 pm
Seriously. What the heck?
yes seriously!
In this game specifics matter and meaning no insult to the OP there is always another side to the story being told.

The reason for an initiated and accepted amendment and by whom is very consequential, even the date. None of that we know here, so to repeat..

yes seriously! The world of contracts doesn't operate on part stories and he said she said.
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Dec 27, 2009
3440 posts
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Ottawa, ON
You had an unconditional offer in hand - why on Earth did you go with this one? We just sold my husband's townhouse in Victoria (we now live in Ottawa). We got two offers, both over asking and each within $100 of each other. One had no conditions and the other had an inspection condition. We took the offer with no conditions and called it a day.

OP, I hope I'm wrong, but I don't think this guy intends to close on this deal tomorrow (your new closing date).
[OP]
Newbie
Sep 9, 2017
27 posts
81 upvotes
He requested the amended closing date. We agreed. As for why we took this offer instead of the other, he came to the house shortly after he offered to show it to his little girl. We happened to still be there and met him and his daughter. She was so excited. My husband built a beautiful tree house in the backyard and she went running up to it. We didn't want him to have to tell her she wasn't going to get that house anymore. So yes, we're idiots but we made a decision from the heart. We didn't think it would go this way.

Our lawyer sent a firm letter yesterday. No response today. Tomorrow is the amended date. I'm guessing he's going to bail. But we have a case and will pursue litigation if our losses merit it.
Deal Addict
Feb 24, 2008
2122 posts
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Mississauga
KristieL867234 wrote:
Sep 13th, 2017 5:35 pm
He requested the amended closing date. We agreed. As for why we took this offer instead of the other, he came to the house shortly after he offered to show it to his little girl. We happened to still be there and met him and his daughter. She was so excited. My husband built a beautiful tree house in the backyard and she went running up to it. We didn't want him to have to tell her she wasn't going to get that house anymore. So yes, we're idiots but we made a decision from the heart. We didn't think it would go this way.

Our lawyer sent a firm letter yesterday. No response today. Tomorrow is the amended date. I'm guessing he's going to bail. But we have a case and will pursue litigation if our losses merit it.
Sometimes you have to put emotions to the side...real estate is a business

Don't think he so much cares about your emotions throughout this process, right?

Godspeed with the closing tomorrow. Hope it works out
[OP]
Newbie
Sep 9, 2017
27 posts
81 upvotes
Lesson learned. I guess I should move forward in life thinking everyone is an a**hole and only look out for myself.

Our lawyer does not expect he will close since he heard nothing today.

Such a dissapointment.
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Dec 27, 2009
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Ottawa, ON
KristieL867234 wrote:
Sep 13th, 2017 5:35 pm
He requested the amended closing date. We agreed. As for why we took this offer instead of the other, he came to the house shortly after he offered to show it to his little girl. We happened to still be there and met him and his daughter. She was so excited. My husband built a beautiful tree house in the backyard and she went running up to it. We didn't want him to have to tell her she wasn't going to get that house anymore. So yes, we're idiots but we made a decision from the heart. We didn't think it would go this way.

Our lawyer sent a firm letter yesterday. No response today. Tomorrow is the amended date. I'm guessing he's going to bail. But we have a case and will pursue litigation if our losses merit it.
Never, ever go with an inspection clause if somebody is offering you a sale with no conditions. And yes, he is going to bail from what you've written.
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Dec 27, 2009
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KristieL867234 wrote:
Sep 13th, 2017 6:03 pm
Lesson learned. I guess I should move forward in life thinking everyone is an a**hole and only look out for myself.

Our lawyer does not expect he will close since he heard nothing today.

Such a dissapointment.
When it comes to hundreds of thousands of dollar transactions, then yes, you absolutely should look out for yourself and who cares what kind of "nice" daughter someone shows you, etc. No conditions is superior to conditions every time. A nice clean sale. In most normal markets nobody would buy a house without an inspection clause, but if you luck out to be in a market where someone will - then jump on it.

Most times I don't think the buyer and seller meet in person - were you selling the house without a realtor? Why were you there when they came over?

As a matter of fact, I would have accepted the unconditional offer on the place we just sold in Victoria even if it had been 5 thousand less than the one with the inspection clause (luckily it was for basically the same price).
Sr. Member
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Aug 15, 2013
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Guelph
The issue here is not conditional offer. The inspection condition was waived, making this a firm deal.. basically just like a firm offer. I suspect he would have backed out even if he had put a firm offer. I mean he is backing out on a firm offer right now.

Also, how does having a prior, now waived off clause has any legality. If the buyer can get away with it, whats the point of waiving off a clause?
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Dec 27, 2009
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dundeal wrote:
Sep 14th, 2017 2:01 pm
The issue here is not conditional offer. The inspection condition was waived, making this a firm deal.. basically just like a firm offer. I suspect he would have backed out even if he had put a firm offer. I mean he is backing out on a firm offer right now.

Also, how does having a prior, now waived off clause has any legality. If the buyer can get away with it, whats the point of waiving off a clause?
I think allowing the inspections (they allowed more than one I think) really opened the door for him to find an excuse to back out. My opinion is that this would not likely have happened if they'd taken the unconditional offer.
Newbie
Oct 9, 2014
39 posts
15 upvotes
Vancouver, BC
I totally agree with dundeal. The seller had a firm, condition-free deal that the buyer is now trying to wriggle out of. Whether the seller accepted the initial condition-free offer or not is immaterial to what is going on now, since they ended up with a condition-free deal when the buyer removed the conditions.

I hate to see people win through bullying and I sincerely hope that if the buyer does not close that you sue him into the stone age and win. As I read this the only grounds for not completing the deal would be that something substantial changed about the house since the deal was agreed (ie the mold) and it sure seems that you have
ample grounds to show that this is not the case and if it is that you would address it fully.

I am also really disappointed to hear how wussy your lawyer was. I once had a similar case - got a call the day before closing (as I was packing up to move into my new place) and my lawyer advised me that the seller was unhappy with the terms of the deal and wouldn't sign. Maybe I could meet him halfway? I'm like - if he's not happy with the terms of the deal why did he sign the contract in the first place-months ago? In short I gave up nothing, deal went through, never used that lawyer again. But there again is a lawyer who really just wants to see the deal go through and doesn't much care about standing up for your rights.
Deal Addict
Aug 12, 2004
3836 posts
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Calgary
OP this is your house, you had an offer, you have a contract, the buyer is trying to bail on it. If your current lawyer is incompetent and does not care as long as as he gets his 1000$ for closing fees, you need a real one. The close date was missed twice, you have costs incurred. Time to sue, and you need a proper lawyer (a real estate one, not a factory paper pusher)

You were being too soft, and the only one getting screwed right now is you. Being nice (like allowing a random inspection after conditions are waived), and trying to help them close by offering a lower amount is all going to be used against you. This isn't a game.
Deal Addict
Aug 12, 2004
3836 posts
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Calgary
By the way, likely the buyer ran into some financial issues or had some seconds thoughts after realising they may have overpaid, and this is why he wanted to come in for a 'final inspection'. They had always planned to say something about mold as an excuse, and the inspector likely is a buddy of the buyer. It's a scheme to get out of the deal without losing the deposit.

There was never any mold. Conditions were waived. Pay for a 2nd inspector to confirm your other inspector's claim. Should it go to court, the buyer's inspection needs to be qualified as fraudulent. Time to get serious. Stop all communicating to the buyer, only deal through a lawyer, that you will pursue damages if closing is not completed within 48 hours.
Deal Addict
Aug 12, 2004
3836 posts
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Calgary
Chickinvic wrote:
Sep 14th, 2017 2:16 pm
I think allowing the inspections (they allowed more than one I think) really opened the door for him to find an excuse to back out. My opinion is that this would not likely have happened if they'd taken the unconditional offer.
The buyer's initial inspector came clean, and OP said that the conditions were waived. The buyer came to ask for another 'final inspection' after the fact, and this is where the mold excuse came in and was used. Scam / scheme to back out.
Deal Addict
Feb 24, 2008
2122 posts
642 upvotes
Mississauga
So did OP close today or not?

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