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Can my buyers back out if they change their minds?

08/18/2017

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Those words: “Can my buyers back out of a house if they don’t like it?” shouldn’t be uttered. Peter Lorimer of PLG Estates delves into why.

There has to be a real reason for buyers to back out other than, they don’t like it.

New real estate agents: If your buyers do want to back out for whatever reason, don’t say that they changed their minds.

If buyers change their mind, there has to be a legitimate reason to back out of a deal, so it might be wise to do the inspections. Perhaps something will reveal itself in the inspection process that shows that the home wasn’t in the condition the buyers thought it was.

Other legitimate reasons to back out of escrow include:

Not being aware of a nearby train track Not knowing you’re under a flight path Location near a chemical plant Too near a freeway

If the reason isn’t realistic, the buyers may lose their deposit.

Source: click here

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