8d • General discussion
Cancellation after inspection period elaspsed
Everything seemed lined up for closing on the 29th with a buyer from one of the deals I shared here a few weeks ago. All due diligence had already passed two weeks ago, so the deal was firm, but I found out the buyer never wired their earnest money into escrow, which was due within 3 days of signing (about a week and a half ago). Title couldn’t even start their process, which raised the red flag.
When I dug deeper, I found the buyer’s agent wasn’t registered in Florida (or in IDI), and the end buyer had a trail of bad reviews showing a reputation for pulling stunts like this. Once my agent pressed them, they finally answered, got annoyed about the deposit follow-up, and said they’d just send a cancellation.
Now I’m in the position of going back to the seller, either resetting and getting this under contract again, or deciding it’s not worth the hassle.
Takeaway: always verify deposits early and don’t assume title or agents are on it. Some buyers are solid, but there’s always a small percentage who will try to game the system.
Has anyone else dealt with a situation where the buyer is in breach for not wiring the deposit after DD is over? How did you handle it with the seller?
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Cancellation after inspection period elaspsed
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