real_lawyer

A client, trying to sell her house for months and thinking she had an interested buyer, e-mailed me the other day:  As of the last time I spoke with my realtor, the buyers’ realtor still has not heard back from the buyers and neither has the attorney.  I am assuming that they are no longer interested.  Do we have anything legally binding them to this deal?  I know we did not sign the contract but to just let them walk way without even telling us why (and without any monetary penalty) does not seem fair to me.

Knowing that due to a job transfer they were carrying two mortgages, it bothered me a lot to have to respond thusly: Unfortunately, there are a lot of time wasters in this market.  They either think they can do something and then get shot down, or just try to price shop by putting out multiple binders.  And many (most) of these time wasters are not courteous.

You have no obligation to them, but they in turn have none to you.  If there was a binder check made out to you, and the binder said it was non-refundable, and if you have the check in your possession, then go ahead and cash it.

I wish I had a better response.