Buyers change their mind???

[fmorris473]

Hello, can someone tell me what is owed to me when this party signs a buyers contract with us to buy our home, then a week before the scheduled closing, they decided to go in another direction. The contract called for two deposits, 1000.00 initially, then 2500.00 at the inspection time, not only did they not give the second deposit according to the deposit, but they now say they can get their 1000.00 back, and of course my realtor is of no help at all. We had a person that was to move into the upstairs apt in November, but did not because we signed the purchase and sales agreement with them at that time, and thought it not smart to have someone there only for the month, then ask them to leave, so am I not entitled to the lost revenue too, thanks and any real help someone could give would be greatly appreciated, thanks.... oh yeah, the contract did address the possibility of the contract voiding if they could not get financing, but that was not the case and of course they did this a week before closing date, 2 weeks past the date that was provided for a pull out according to the contract

 

[davidsmom]

You should be able to keep ALL of their escrow money and if they do not agree than it should NOT be released by the escrow holder until all parties agree. Your agent did not do a good job of representing you if he/she did not verify receipt of the 2nd escrow desposit as that should be yours to keep as well. Assuming they are in actual breach of contract you have a right sue for performance. However that is complicated and most sellers will instead ask for a monetary amount. I would talk to a real estate attorney in your area.