A Bad Deal
A Bad Deal!
In the real estate industry, we deal with many types of clientele. The common goal in theory is to work together in order to facilitate an agreement between the seller & buyer for the sale of a property.
Simple & easy in theory but every now & then you have one deal go bad which is usually fine if the reason is legitimate. It is not fine for example when a Buyer decides to write an offer on a property with no intentions of completing on that deal.
The contract is a legal & binding contract & the Buyers’ have their own conditions/subjects in order to protect their interest. These conditions/subjects need to be removed or waived unilaterally in order for the Buyer to proceed with the purchase of the property. Should the Buyer not proceed with the deal, it can be one of many issues such as financing or something to do with the inspection. The Buyer is obligated to do their best in order to fulfill their conditions.
If a Buyer chooses not to proceed even thought they are capable, legally the Seller can seek legal council in order to pursue the issue further & potentially sue for damages or specific performance.
One of many reasons for this is because the Seller can lose out on other potential deals with legitimate Buyers’ who are serious & willing to complete.
For Sellers’ who are serious about selling their property, beware of Buyers’ like this because they can make turn the process into a nightmare!!