Buyer Defaults Just Before Closing
11/30/2015: Even when a contract clearly spells out the consequences of a buyer defaulting on a contract, it may not be practical for the seller to enforce the consequence. Consider the seller whose buyer needs a week extension to get the loan to close. If the contract does not have a contingency excusing the buyer, the seller might be able to terminate the contract. Killing the contract, however, might not be practical for the seller. Learn about these situations and how to avoid having unrealistic expectations about the power of contracts.