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Unfortunately this is one of life's lessons, Never let a buyer spend money on improvements or move into a property anticipating it will close.
The good news is its only $1000, in one case a friend of mine (commercial broker) and a seller of an assisted living facility allowed a buyer to come in and start operating the business before it closed ($1 million dollar deal). The buyer was overwhelmed by the work and decided he did not want the property and simply left.
The seller started a law suit against the buyer for breach, then the buyer filed one against the seller for misrepresentation. The broker was forced into the suit and After 2 years and close to $350k in attorney fees the court found in favor of the buyer. $150k is what it cost the broker. It forced him out of business.
If the seller had not allowed the buyer to move in and operate the business there would have been no recourse by the buyer if it had closed and ownership transferred.
We all have probably had to deal with this type situation and only the people who have been burned know this can and will happen, there are a lot of ways to lose money in this business, it’s bad enough when we lose time working hard on things that never materialize.
I hope it works out for you.
Yep--- its a tough one.... If theres a small repair, or fee, lets say under 500.00, I always make my buyer sign an addenda stating he is aware this money will not come back to him and all the risk is his.......
generally, it kills the idea..... ( although not always..... stubborn is as stubborn does.....lol)
Also---, Ive had sellers ruin or attempt to ruin many closings..... it seems to be a free-for -all in shortsales, unfortuneately, I think its just part of the risk we take when we do these...... we as realtors are not protected.....for that reason, I use a processing company.... puts a barrier between me and the hassles..... less frustration.... less emotional extremes...... and they have stronger legal teams than I do as a broker in a small comnpany...I know all thats going on, I can add creative ideas..... but--- am not in the line of fire........ just a thought....( pss, am working with attornies directly on s/s's as well.... works well also!!)
Hope this helps! Rose