Buyer backed out--when do I tell banks?

We just got approval from both banks and the buyer backed out--after 3 months of waiting! I have put it back on the market at the approved price. Is it better to wait to tell the banks when I have a new offer or just tell them now? The seller is not in default so there is no worry of a foreclosure sale date.

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Permalink Reply by Scott Korbin on July 24, 2011 at 2:28am
Tell them as soon as convenient for you.
Permalink Reply by Mike Horton on July 24, 2011 at 8:00am

I would agree with is said about getting a new offer in as soon as possible. If you can duplicate the offer that was accepted it might give you an edge with the negotiator, but keep in mind in most cases the investor must review it again. You mentioned that the seller in not in default, that is great becomes it relieves you of another level of consideration. If you thought you would be in a foreclosure sale before the COE date, I would hold off telling them until after the delay. Evaluating what is best for your seller is what should guide you in your decision.

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