Business

YOU SHOULD KNOW WHAT HAPPENS WHEN A BUYER WALKS AWAY FROM ANY DEAL


The fear of a buyer walking away from a deal is real. When a buyer, either because of cold feet or dwindling market prices for the property he/she wants to buy, refuses to buy a house after the negotiations have started, it can set sellers into an anger frenzy. The seller is sometimes confused on what to do next. Buyers pulling the plug a few days before the deal should be closed is no news.

It doesn’t matter if the buyer was brought to the seller by one of the top real estate agencies in Dubai. In this post, we’ll be looking at some of the things a seller can do when a buyer pulls the plug at the dying minutes. Most Dubai real estate agencies would never advise a seller to go into a deal without contract contingency. Some of the terms in a contingency could be the buyer would pay if the house passes a home inspection or if there’s an increase in the market value of the house.

In some cases, the buyers deposit is taken by the seller for «damages». Some sellers may take the buyer to court but in most cases the buyer’s deposit let’s the buyer walk away. For the seller, reselling the house is next on his mind. If a buyer doesn’t have that option, re-listing the house immediately is next.

As a seller, it doesn’t matter if it’s one of the City Walk apartments Dubai or Bluewaters apartments, make sure the problems highlighted by the former buyer are fixed before re-listing.

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