We moved out of our house to facilitate our real estate closing, now the deal has fallen apart.?
It turns out our RE agent did not have a firm letter of approval from the buyers he had a pre-qualification letter. We took our agent at his word and moved out. It turns out the buyer was pursuing a zero down loan through the USDA and was an extremely shaky buyer. We feel our agent should have checked off, the financing contingency in the buy sell agreement by performing his due diligence and making sure the approval letter was a formal letter and not a pre-qualification letter. We have over 10,000 in moving expenses and now we have to move back into our house. We have also just wasted the prime summer selling season on an unqualified buyer, and we have also lost out on the house we were planning to buy, much less the inconvience of moving out of our house into an interim apartment and now having to move back into our original house. Our realtor is taking no responsibility and is blaming the problem on the buyer’s mortgage lender. Any feedback would be appreciated.