I saw this partially addressed on NYP's thread, but did not want to hijack it.
These are only hypothical questions (at least at this time) on buying and selling your home.
Granted these scenarios do not happen all the time, but they do happen. I just want to get an idea on what to do if in fact it happens to me.
What do you do when you are *selling* your home, you go to closing and the buyer just gets up and walks out on the deal? At first thought I figured you pretty much get to keep the earnest money and then go and try to find another buyer. This is also going on the assumption that you have a signed contract, buyer got financing etc., but for whatever reason the buyer walks. What else would/could you do?
The next scenario is just the opposite, you are *buying* a home and the seller just gets up and walks out of the closing leaving you high and dry. Since he would have your earnest money, you would/should get that back but again, you have a signed contract, financing, etc. But in the mean time say you did sell your house and then you pretty much have no where to go. I do know of one couple that did in fact happen to. Going to court over it could happen, but that does not solve the immediate problem of where to live, etc. Has this happened to anyone out there? What did/could you do?
Again, these are just hypotheticals, but since I am in the process of starting to buy/sell I just want to get a "heads up" on what to do if in fact this would happen.
Thanks.