Funding fell through for buyer what now?

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Funding fell through for buyer what now?

I put my house up for sale accepted an offer, they were getting a loan through FHA They were unable to get the loan after 4 months of doing extensions…then I had another buyer, now I am learning at the last moment they can’t get the funding through FHA either..they wanted a new roof put on the house, so the real estate agent changed the price of the home, and then the roofer was to be paid out of escrow but now the deal has fallen through…who pays for the roofer now? I didn’t want it…I didnt ask for it they wanted it done and wanted it to be a part of there loan.

Asked on December 3, 2016 under Real Estate Law, Oregon

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You have to pay--you agreed to have the work done, when you could have refused: the buyer "asked" for it, but had no power or authority to make you do this, since you could have said "no" and taken the risk of the sale falling through. You may have had good reasons to do this, and you might not have done it but for the buyer's request, but it was still your voluntary choice to do this and, as stated, the buyer, had no authority over you or your property to make you do this. The cost is your responsibility.
On the plus side, this should let you command a better price for the home and/or sell it more easily.


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