So, as he was legally obligated to do, the buyer sent over a release letter, essentially bailing out of the deal. I was quite disappointed and angry, because I’d wasted two weeks of the peak selling season on a deal that fell through. Caveat vendor. Likewise, the buyer not only wasted his time and effort, but had paid for a professional home inspection of a house he ended up not being able to buy because NACA was unresponsive and uncommunicative.
For me, the story has a happy ending. My agent called me with the news on a Saturday, saying that he had the release, and would put the house back on the market in the Major Listing Service (MLS). On Sunday, I went over to mow the lawn and clean the place up (again). While I was there, a couple came by to look at the house. On Monday morning, I had a new contract from that couple, with a real financing letter, $500 better offer (net), and a requested closing date only one day later than the old contract. So cross your fingers, I’ve got another contract that I feel much better about.