03 Aug Buyers went MIA at closing
Edited to add that my agent did request proof of funds during the initial acceptance stage. They provided a bank statement which showed nearly 4x the amount needed. Apparently it wasn't their bank statement though (what I saw was heavily redacted). And thank you to everyone for all of the responses 🙂
So I accepted an all-cash offer at my agent's advice as I wanted a quick, easy closing. (There were 15 other offers and one signed a back-up contract.) Day of closing we were scheduled to sign at 9:00am. At 8:30am my agent told me the buyers weren't going to make it until 2:00pm as the husband was a truck driver and had been delayed, but I was to go ahead and sign my paperwork, etc. 2:00pm they don't show up. They text their agent the wife is in the ER. Late that night they tell their agent she had been under stress and released from the hospital. Agent schedules them for 1:00pm the next day to finish the closing. Again they don't show. Agent finally gets in contact with them, and they don't have the money. (Finally, we got to the truth!). They apparently have a 'benefactor' who had not released the funds to them.
Today is Saturday, two days after our scheduled closing. I won't even go into the stress and financial hole this is putting us in. I am ready to move on though. I already have another buyer as I mentioned so what is the best way to get out of this current mess? The contract states something like 14 days but my agent thinks that only applies if they have acted in good faith which clearly they have not. Can we send them/their agent a termination letter on Monday? What about the EM?
I'm in NC, so if anyone else here has experienced something similar first of all I am so sorry but if you could share your knowledge it would be much appreciated.