At Clear Title, we help people make one of the biggest financial decisions in their life: purchasing a home. The closing process can be complex and challenging, so we have developed this Homebuying Horror Story Series to bring to light some of the situations that can arise during this process. Last month we covered overlooked costs; this month we are focusing on what happens if the seller has second thoughts.

Fictional Situation: The MacVelli Family

• Family of 5 looking for their new home
• Relocating to a new state
• Planning to time the closing on their new house with their cross-country move

The MacVelli family had been living in Arizona for the past 6 years. When the patriarch landed a new job in Pensacola, Florida, the family started making plans for the big move. Using internet searches and virtual home tours, they were able to find a beautiful home in their desired area. A local real estate agent and title company helped them get the wheels moving on the homebuying process so they could focus on packing up their belongings and starting this new chapter in their lives.

Everything was moving smoothly: contracts were signed, the home inspection was completed without problems, title searches came up clean, title insurance was purchased, etc. The process seemed headache-free – until the seller of the MacVelli’s new house started having second thoughts. Just one week prior to the closing date, the seller decided to back out of the purchase contract. The emotional attachment to the home proved to be too strong for the seller – the idea of another family moving in and making changes to the home was just too hard for the seller to handle. 

As you can imagine, this put the MacVelli family into a tailspin of uncertainty and stress. They had timed their move perfectly with the closing date and expected to be moving into their new home right when they got to Pensacola. With this new development, they were forced to find temporary housing until the matter could be resolved or until they could find a new house. They incurred storage costs and had to cancel new furniture and appliance deliveries as well as installation dates of new flooring.

The MacVellis eventually had to sue the seller for a breach of contract. Even though the judge in the case eventually ordered the seller to sign over the deed and the MacVellis recouped some of the expenses they were forced to pay, they were greatly inconvenienced. What should have been a joyful experience turned into a nightmare.

This type of homebuying horror can’t always be prevented. However, when you have hired a title company that has extensive experience in the potential pitfalls of this complicated process, they can ease some of the burden.  

Clear Title is a title company in Pensacola, Florida, led by Board Certified Real Estate Attorney Stephen R. Moorhead. For over 30 years he has honed his skills in real estate closing and built a team of experienced, trustworthy experts to keep the horror out of homebuying. When you trust Clear Title, you’re getting 100s of years of combined experience in your homebuying court.

To schedule a meeting with our experts and explore our Pensacola title services, contact us today at (850) 202-8518 or visit ClearTitlenwfl.com.