Walking Away From Closing

You will often hear about buyers walking away from closing, more so than sellers, but that doesn't mean sellers don't sometimes change their minds.

Many years ago, when I bought one of my first homes, the sellers developed cold feet on the day of closing. They didn't show up at escrow to sign their closing papers, even though I had appeared and signed my share of the documents. The listing agent was beside herself and didn't know what to do.

Not that I recommend that you do what I did, because there could be many legal consequences -- and it's risky -- but it paid off for me: I told the listing agent to call the sellers and explain that I was moving into the vacant home, regardless. I had signed a contract. I had performed, and I expected the sellers to perform. I suggested the agent tell the sellers I was taking possession, and then I moved in. I said if they continued to refuse to sign closing papers, I would see them in court. Fortunately, the sellers had a chance of heart and decided to close. I was really sweating it out. Whew. Because it could have turned out very differently . . . read more about Walking Away From Closing.

More Articles by Elizabeth Weintraub, click below:

• Contract Contingencies
  
• Buyer Possession Rights
  
• How to Cancel a Contract

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