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| Buyer Walked |
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The Buyer Walked (edit/delete)
So, I have a very good realtor friend that told me a story about her buyer yesterday. The buyer had put a contract on a Frisco Home in March. The original lender messed up the loan and she recommeded her buyer then turned to another lender, and started the process over. After a couple days of getting the paperwork to the new lender the buyer was put in a pickle and had to find somewhere to live. The new lender got final approval with the loan on Wednesday of this week, but the buyer then decided not to close.
So, here is where the story gets messy. What happens when the buyer walks with loan approval, but just says, "I am done!" I know they lost their ernest money and option fee, but what recourse is their for my poor friend and the sellers. Everyone lost on this deal, and the buyer is not feeling the pain.
I personally have not ever had this happen to me, but if anyone has experienced this please email me and I will get the information over to my friend. With the current economy can anyone lose a deal?
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