When To Pull Out From The Deal (one of the red flags)
My client recently signed a release to terminate an agreement of sale he had executed on a property he is selling in Philadelphia.
Everything was going fine until we reached a closer date to the mortgage commitment letter (2 weeks away from settlement date) from the buyer's lender, before a few days of approaching that date, i reached out to the buyer's agent to ask if he foresaw any issues with it which at the time he didn't.
We did get to that date and the lender could not provide the letter so i advised my seller to sign a release and put the property back on the market. The buyer's agent said it could take a few more days and wait further which i advised my client not to do. He did listen, took my advice and we received another offer within 5 days of having it back on the market. Within 10 days , i received a call from the previous buyer's agent who told me his client would not be able to get a mortgage at all.
We are now in the midst of negotiating the offer with the new buyers.