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Buyer backing out for flood insurance

Discussion in 'Buying Overseas Property' started by alexander, Sep 21, 2006.

  1. alexander

    alexander New Member

    Hey Guys,
    We were supposed to close on our house yesterday, I have actually signed the papers. The buyer (last week) wanted to back out of the contract because the house requires flood insurance - this is not a contingency.
    Five minutes before she was due to sign yesterday she demanded a walk through, she has signed the paperwork to extend the closing until Monday 9/11/06 but we are nervous.
    Can she legally back out now? What can we do if she does?
    I have signed at the title company, the money from the lender is at the title agency.
    Any advice or comments would be greatly appreciated, I intend to consult a real estate attorney if she backs out - the walk through is tomorrow. What is the name of your state?
    Cheers
     
  2. santiago

    santiago New Member

    Hi Alexander,
    When we purchased the house, it was not required to have flood insurance, this changed after Charlie, Jeanne and Francis hit in 2004. The buyers have gotten flood insurance as of 9/1/06. They requested the extension letter on 9/07/06 because their lender could not close in time.

    It was yesterday that we found out they had previously tried to back out (their lender told us this). And then that we could close 9/08/06 at 4.30pm

    I guess our question is what can they say to back out and what can we do?
    Many Thanks
     
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