Re: buyer backs out

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Posted by Kristine-CA on November 03, 2009 at 10:48:05:

In Reply to: buyer backs out posted by Charles in MD on November 03, 2009 at 01:05:24:

I don't think the appraisal value is having nearly the impact as a long
escrow during a declining market is.

Do you know that your buyer is "convinced" that the appraisal process
is flawed? Did he say that? Or could it just be that 5 months is too
long a waiting process in a declining market?

In a declining market the deals need to close in weeks, especially for
most investment properties. Buyers remorse will set in for pretty
everyone except the most experienced and confident buyers. Unless
your buyer had an iron clad plan for cash flow, he is likely bored with
(or horrified by) his original exit strategy plan.



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