02 Dec Buyer missed their option deadline but still wants to execute it
We had a potential buyer that claimed that they could close within a few days with cash, so we signed a one month purchase option and set a closing date for the end of that month. 3 weeks later, they urged us to sign a one month extension. We never signed the extension because we were busy with work stuff. Now they want to close after the option expired and give us 15 days for us to vacate (originally 60) and without giving us the money from them failing to execute the option in time. Their real estate agent charged 6% for the option, with half of that going to her and half going to us if they failed to close in time. Because we didn’t get the money we were expecting from closing the property we are selling, we weren’t able to put down money on the house we wanted to purchase. I’ve never sold a house before, nor have I agreed to a purchase option before. I’m thinking about walking away, but feeling a little guilty about it (but also a little vindicated). We aren’t in a rush to sell now that the house we wanted isn’t going to work, and there are plenty of other potential buyers interested in my home. I think the real estate agent wants us to quietly pretend that we agreed to the extension so that they don’t get upset with her about losing $23,000, she is getting her commission with or without the sale thanks to the option. I’m also wondering if their attorney would try to come after us. We don’t have a selling agreement with the realtor, so I would like the opportunity to get a different realtor. She is trying to be both the buying and selling realtor, but I don’t feel like she’s protecting our interests. What would you do? Thoughts?