Buyer backed out, relocation company revoking offer, but they’re keeping earnest money

Our family is being relocated via husband’s job, we’re working with a relo company provided by employer. Our new home in new town is under contract and closes in three weeks. We listed our current home, did about 20 showings, and received an offer above asking price. However, we could only verbally accept the offer as the relo company is actually our “buyer” and will the turn around and sell it to the people who want to live in it. Once we had an offer, the relo company made us a matching offer, which we signed, and then they entered written contract with actual buyer. Buyer put up earnest money, we had inspections and appraisals and all went well. Now, 2 weeks from selling this house, the buyer has backed out due to family issues (nothing we did). The relo company has verbally stated that their offer is now voided, there hasn’t been anything from them in writing. They told us to re-list the house, and now we’re starting all over.

Today it came out that the relo company is going to keep the earnest money, because they consider themselves to be the “seller.” My take is that they are not the seller if they are not still under contract to buy our home from us, plus as stated nothing has been voided in writing. Am I wrong? I don’t really want the earnest money, I want the contract to be in place still so we’re not starting all over with weeks until we move.

submitted by /u/ionlymeanttolurk
[link] [comments]

Our family is being relocated via husband’s job, we’re working with a relo company provided by employer. Our new home in new town is under contract and closes in three weeks. We listed our current home, did about 20 showings, and received an offer above asking price. However, we could only verbally accept the offer as the relo company is actually our “buyer” and will the turn around and sell it to the people who want to live in it. Once we had an offer, the relo company made us a matching offer, which we signed, and then they entered written contract with actual buyer. Buyer put up earnest money, we had inspections and appraisals and all went well. Now, 2 weeks from selling this house, the buyer has backed out due to family issues (nothing we did). The relo company has verbally stated that their offer is now voided, there hasn’t been anything from them in writing. They told us to re-list the house, and now we’re starting all over. Today it came out that the relo company is going to keep the earnest money, because they consider themselves to be the “seller.” My take is that they are not the seller if they are not still under contract to buy our home from us, plus as stated nothing has been voided in writing. Am I wrong? I don’t really want the earnest money, I want the contract to be in place still so we’re not starting all over with weeks until we move. submitted by /u/ionlymeanttolurk [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!