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  1. #1
    Join Date
    Oct 2009
    Location
    Flat Rock, MI
    Posts
    25

    Default Buyer Backing Out of Sale Because They Decided They Want Another Property Instead

    My question involves real estate located in the State of: Michigan.

    I am selling a vacant parcel of land in Michigan. The property was disclosed properly to the buyer as not being buildable. The buyer's offer is a cash offer with a 1,000 dollar earnest money deposit (held in buyers agents escrow account). They specified the property must close by Sep. 30th with a warranty deed and provided proof of funds. There was an issue with a quit claim deed in the past that the buyer had me pay $1500 to have cleared. I had to pay extra to expedite the title work for the buyer so we could close by the time they requested. My realtor called the buyers agent to close this week prior to the Sep. 30th date they required. The buyers agent told my agent that the seller put another offer on a different parcel that was accepted and they no longer want mine. They were hoping I wouldn't have the title cleared fast enough so they wouldn't have to forfeit the earnest money. Now the buyers agent is refusing to recontact my agent or send a letter of refusal for purchase of the property. I'm very frustrated that I needed to pay the $1500 fee for the buyer so the title could be cleared to their liking and now they don't want it. What are my legal rights? I've heard that I can get a portion of the earnest money and possibly the $1500 for the title work that they required to be performed. I have also heard if they refuse to give any earnest money or sign off on a refusal letter I can hold them legally accountable to purchase the property. I know I'm probably going to need to get a real estate lawyer but I wanted some opinions first. I doubt I could make anyone purchase the property but I do want some of the money back that I had to pay out for the buyers request. Thank you for your time.

  2. #2
    Join Date
    Sep 2010
    Posts
    19,427

    Default Re: Buyer Backing Out of Sale Because They Decided They Want Another Property Instead

    Hopefully your contract allows you to sieze the earnest money in the trust for the breach (which will happen on October 1).
    If you want to recover more, you probably have a reasonable case.

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