Expert: Hans Weber, Licensed Broker Associate - 8/9/2005

Question
I recently put my house up for sale in ny  after buying land in florida.My neighbor put a $1500.00 binder down and  stated to my agent and I that her mother had pass and sold her house for $300,000.00 and has all cash.She was buying as is expect for she wanted the septic and leach field check. OK it didn't pass  ever throw I never had a problem with it and it passed 10 years ago when i bought this house.I  had it fix for $4000.00  thinking the buyer had the money.I sold of half of my belongings put a deposit on new house to be built in florida paying all cash from sale of this house which I lost .Had agreed on two months for closing.Now I found out threw the grape vine her mother didn't die and she doesn't have the money and her mother is in a nursing home.Shouldn't my agent or lawyer asked for proff of the money. The buyer  hasn't answered any calls in two months from my agent. She tells us one more week every time I see her. What can be done about this. Sincerly Yours V Denier

Answer
Dear Valerie,

Thank you for your question.

Are the terms of your contract cash?  If there are no contingencies in the contract and the closing date passes you may keep the deposit.

Ask your lawyer to set a closing date and if the buyer is unable, then have your lawyer sue them to close or let you out of the contract so you can pursue another buyer.  You should be doing that already anyway.  Putting your house back on the market may also cause this buyer to wake up and perform.

Fixing your septic may have been required anyway for the next buyer.

Let me know what happens.

Hans