The Perils of Home Purchasing Every Buyer Should Know
b'With Terry Story, 26-year veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
As a longtime real estate agent, Terry Story has encountered many complications along the way from the first showing to the handing over of the keys. It has happened, she says, that just before the deal is inked, the seller is gripped with buyer\\u2019s remorse and backs out. Where\\u2019s the recourse for the buyer?
Unfortunately, sometimes the only answer lies with the courts, but suing can be expensive, time-consuming, and often not rewarding for the buyer. Terry\\u2019s advice is to simply turn away and begin a new home search, as heartbreaking as that may be.
As part of Terry\\u2019s Real Estate Survival Guide, she encourages buyers to comply with a code of house-seeking etiquette. Realizing that the owners have staged their homes so they show in the best possible way and then have to vacate for the duration of the prospective buyer\\u2019s visit, buyers should always show respect and restraint toward another person\\u2019s property. Don\\u2019t come with an army of friends and relatives, don\\u2019t allow children to run helter-skelter through the rooms, don\\u2019t move objects around, and don\\u2019t leave fingerprints on windows. The homeowner may be recording your visit on a hidden camera, and so your performance could derail or negatively influence the buyer\\u2019s desire to purchase that home.
Terry tells all buyers to pretend they\\u2019re walking into the White House and to act accordingly.
Read The Entire Transcript HereCollapse Transcript
Steve Pomeranz: It\'s time for Real Estate Roundup.\\xa0 This is the time every single week we get together with noted real estate agent, Terry Story. Terry is a 26-year veteran with Coldwell Banker located in Boca Raton, Florida.\\xa0 Welcome back to the show, Terry.
Terry Story: Thanks for having me, Steve.
Steve Pomeranz: Well, you know I always like for us to do our Real Estate Survival Guide, and this is the time in the show that we try to put in every single week where there\'s a problem that springs up or a tip that you can give to our listeners about real estate.\\xa0 What is it this week?
Terry Story: Well, this week it\'s about buyer\'s remorse and buyers wanting to get out of contracts, and they have so many outs through their inspection clause, through their mortgage, but what happens when a seller gets seller\'s remorse and they want to back out of a contract?
Steve Pomeranz: What happens?
Terry Story: Basically, it\'s this.\\xa0 Sellers, sometimes it happens, not very often, where they want to get out of the deal.\\xa0 You, as a buyer, don\'t want that to happen, so the only way you\'re going to be able to realistically deal with this in a practical sense is you\'re going to have to sue them.\\xa0 What are you suing them for?\\xa0 Specific performance.
Steve Pomeranz: Before you go on, let me read the actual question because I think it\'s a well-written question:\\xa0 "We found a house and entered into a contract to buy it.\\xa0 We did our inspections, got our mortgage loans set up, and are ready for the closing about three weeks from now.\\xa0 Last night, the seller called and told us that she had an unexpected issue and will not be able to sell us the house.\\xa0 Don\'t we have rights here?\\xa0 Do we have to wait until the closing date comes and goes before we can start taking action to enforce the contract?"
That is the situation.\\xa0 You\'ve put all this effort and time and your heart into buying this new home and seller pulls out at the very last minute.\\xa0 You feel like, "Heck, I deserve some redress here."
Terry Story: Yes.\\xa0 The first thing you have to do is hire an attorney.\\xa0 That\'s the absolute first thing you need to do, and there are some provisions to try to prevent this from happening, and one of them, Steve, you know the commission\\u2026if a realtor is involved and...'