Buyer's reason was a family member had been ill and now buyer had to travel to care for them and this changed financial situation. My gut tells me that the timing (less than 24 hours after all parties signed) and the excuse are really a case of cold feet. This was not a sudden accident, illness, job loss or death.
Offer contract has the usual contingencies: mortgage, inspection, radon, pest, lead paint, appraisal. There is also a point that states: "If I (buyer) do not fulfill my obligations under this Offer, the above mentioned deposit shall forthwith become your (seller) property without recourse to either party."
I asked my relator to request the deposit check ($1000) from the buyer's realtor.
Should the buyer forfeit the deposit since they did not fulfill their obligation to even try to get a loan, inspection, etc?
Thanks.
Read more: Buyer backed out of signed home offer 1 day after all parties signed. Do I get the deposit?
