What if the buyer backs out from a real estate deal? - Page 5 - Indian Real Estate Forum

rakesh_sahu · 04-02-12

Good decision....
If the buyer has genuine problems, then it will help him.
If goon (which any way u mentioned), then it will help you to keep your piece of mind and health

BTW, try to find more details about the buyer in future about his/her background, financial conditions etc... Sometime a buyer may lock-in the property with limited finances in the hope of help from relatives and loans and later may land up with issues and more time will be requested to close the deal. Which may have impact on your future plans....

Regarding brokers/dealers, try to find one with good feedback from your friend circle...

Cheers.

Quote:

Originally Posted by Thor_samir

@Prakash jha, Rakesh Sahu, Pawan, Mr. Shah: Thank you all for your generous suggestions.

I have contemplated everything and i feel that i do not have the time or mental tolerance levels to deal with these kind of people. Besides, the broker is promising another deal with the same prices.
So, i have decided to return the money and get it done with.
As far as opportunity cost is concerned, I don't think that man can even understand what it means

For those who want to know, the deal was for 50 lakhs.

nkg_8 · 05-02-12

Simply tell him that on the basis of this deal you have already booked a flat in so and so project and builder is not refunding your the money if you cancel. Also let him know how important this deal was for you because of financial needs. Tell him to pay rest of the amount as you do not want to cancel the deal from your side.

No need to return token money in any case, whosoever he is.

Bobbydel · 05-02-12

Quote:

Originally Posted by Thor_samir

Dear fellow members, recently I fixed a deal to sell off one of my property. The deal was fixed through a broker and the other party had paid 10% of the property value as "bayana" or token money.
Now the other party has backed out and giving some petty reasons for that.
They are also asking for refund of the money they paid as "bayana".

Now what options do i have here in this case? Please help.

My Opinion : Theoretically broker and seller should themselves accept their fault n tell you to deduct 50 k or 100 k. If they r not willing , just forget it.

If you have not made further comittment with their money then my suggestion to you Is the following

:: Do a deal , give THEIR money back to buy back YOUR peace of mind.
-----------------------------------------------------------------------------

I did a similar thing once and after 2 yrs, i am getting 8 times more premium on that plot today..though i never had intention of holding that plot and never expected it to go so high...such money is immaterial, peace of mind is precious. End of the day we will all depart without money. The money which takes away peace of mind is of no use.

Be generous and ask God to give you more and not to that buyer...forgive that buyer from the bottom of your heart and you will see it is such a beautiful feeling when you are generous and when you forgive.

Just my POV .

Thor_samir · 05-02-12

Quote:

Originally Posted by Bobbydel

My Opinion : Theoretically broker and seller should themselves accept their fault n tell you to deduct 50 k or 100 k. If they r not willing , just forget it.

If you have not made further comittment with their money then my suggestion to you Is the following

:: Do a deal , give THEIR money back to buy back YOUR peace of mind.
-----------------------------------------------------------------------------

I did a similar thing once and after 2 yrs, i am getting 8 times more premium on that plot today..though i never had intention of holding that plot and never expected it to go so high...such money is immaterial, peace of mind is precious. End of the day we will all depart without money. The money which takes away peace of mind is of no use.

Be generous and ask God to give you more and not to that buyer...forgive that buyer from the bottom of your heart and you will see it is such a beautiful feeling when you are generous and when you forgive.

Just my POV .

Bobby ji, i have already decided to go that way only. Check my comment on the 3rd page. Thanks for your suggestion

Quote:

Originally Posted by nkg_8

Simply tell him that on the basis of this deal you have already booked a flat in so and so project and builder is not refunding your the money if you cancel. Also let him know how important this deal was for you because of financial needs. Tell him to pay rest of the amount as you do not want to cancel the deal from your side.

No need to return token money in any case, whosoever he is.

Dear, i already tried that and things were not sorting out, so decided to return the money for the sake of peace of mind. Thanks for the suggestion

Thor_samir · 05-02-12

Quote:

Originally Posted by rakesh_sahu

Good decision....
If the buyer has genuine problems, then it will help him.
If goon (which any way u mentioned), then it will help you to keep your piece of mind and health

BTW, try to find more details about the buyer in future about his/her background, financial conditions etc... Sometime a buyer may lock-in the property with limited finances in the hope of help from relatives and loans and later may land up with issues and more time will be requested to close the deal. Which may have impact on your future plans....

Regarding brokers/dealers, try to find one with good feedback from your friend circle...

Cheers.

Rakesh ji, we do try to find out the background of the buyer but it is not always possible to check financial+social background of the buyer. Anyway, will take more precautions in the future before dealing with anyone.

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05-02-12	#42
nkg_8 Senior Member Join Date: Dec 2009 Posts: 661 My Mood: Thanks: 12 Thanked 24 Times in 18 Posts	Simply tell him that on the basis of this deal you have already booked a flat in so and so project and builder is not refunding your the money if you cancel. Also let him know how important this deal was for you because of financial needs. Tell him to pay rest of the amount as you do not want to cancel the deal from your side. No need to return token money in any case, whosoever he is.