Buyers Cannot Just Walk Away From Finalized Purchase Contracts Without Consequences

Collier Swecker video blogs about how some homebuyers are trying to walk away from finalized purchaser contracts right before closing with the thought that the only consequences will be loss of earnest money. In this tough real estate market, Sellers facing Buyers who are trying to just walk out on a legal purchase contract and who have had their home on the market for many months are starting to react by suing the Buyers for Specific Performance on the contract and forcing the Buyers toconsummate the purchase of the home. I think that television shows and the intoxicating real estate boom of a few years ago have Buyers forgetting that they are signing legally binding contracts where Sellers can and sometimes will enforce their rights by forcing the sale through the court system. The courts will generally order Specific Performance by the Buyer in situations where all terms and conditions of the sales contract have been met and the Buyer just says that they do not want to buy the house anymore. Birmingham Real Estate Agents need to do a better job of explaining the legal consequences of contracts before they have their clients sign them. If your Real Estate Agent does not know the legal consequences of the Sales Contract and cannot answer basic questions about the Sales Contract, you may want to find another agent who can actually protect your legal interest. I am a firm believer that being a Real Estate Agent is more than just marketing a home and showing homes to Buyers. I think that my biggest responsibility as a Realtor is to make sure my client’s legal and economic interests are protected by providing full explanations of the legal and economic consequences that will result from their actions. If you have any comments or questions about why buyers cannot walk away from contracts that have had all contingencies met without the possibility of legal consequences, email me at Collier@MegaAgentRealEstate.com or visit my website at www.MegaAgentRealEstate.com.

 

   

About Collier Swecker

Collier Swecker is a licensed real estate broker, attorney, blogger, speaker and entrepreneur. He is the founding partner of the Mega Agent Real Estate Team at RE/MAX Advantage which ranks as one of the top selling real estate teams in Alabama. Collier also acts as a business and marketing consultant for small business start-ups.

Collier graduated from Auburn University (B.A., 1998), Cumberland School of Law (Juris Doctor, 2002) and Washington University School of Law in St. Louis (Masters of Law in Taxation, 2003). Collier was the principal partner of the law firm Swecker and Sparks LLC for 3 years before leaving the law practice for real estate development and sales.

Collier is a native of Yorktown, Virginia and currently resides in Birmingham, Alabama with his wife, Amanda Capps Swecker. Collier & Amanda are the proud parents to a beautiful daughter, Julia Abigayle. They have one dog named Kramer.

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