Home Buyer Contract Breach

Summary

The home buyer backed out of the sale after the inspection period, citing concerns with the foundation. The seller, located in Kansas, is considering legal action for breach of contract. The buyer attempted to have the seller sign a withdrawal, freeing them from any repercussions, but the seller refused. The seller did not have a real estate attorney review the contract before signing. The agreed sale price was $130,000 and the earnest money deposit was $1,000. The seller has not been able to find another buyer.

Full Conversation

Kansas
What was the exact reason the buyer gave for backing out? In Kansas, if the buyer breaches the contract, the seller may be entitled to keep the earnest money deposit.
They stated they had concerns with the foundation. Although they had passed their 5 days to legally say the had concerns, ask for remediation, or back out due to inspection. They actually proceeded to set a closing date after knowing the inspection report and their legally allowed time.
What was the agreed upon earnest money deposit in your contract?

In Kansas, if a buyer breaches the contract, the seller can typically keep the earnest money deposit.
it was only *,* can we not sue them for more?
What was the agreed sale price of your home?

In Kansas, you may be able to sue for damages if you sell your home for less than the agreed price due to the buyer's breach of contract.
*,*
Did you manage to sell your home to another buyer and if so, what was the selling price?
No we have not been able to find another buyer and are running out of time on our other home in contingency
Did you have a contingency clause in your contract that addresses what happens if the buyer backs out after the inspection period?
We only had a contingency on the home we are buying they had none. They had 5 days after inspection to state concerns, ask for remediation or back out in which they did not. They proceeded to set a closing date after those 5 days passed.
Did you have a real estate attorney review your contract before signing? It's important to understand your legal rights and obligations in such situations.
No
Did the buyer provide any written notice about their concerns with the foundation or their intention to back out of the contract?
They did not. Yesterday they tried to have us sign a withdrawal for them stating they were free from any repercussions but we refused to sign it
Did you document the buyer's attempt to have you sign the withdrawal? This could be important evidence if you decide to pursue legal action.
Yes our agent has it
What is the contact information of your real estate agent? It might be helpful to discuss this matter with them as well.