A reader asked about a comment seen in the MLS remarks on a property that just came back on the market.
“What does ‘Buyer failed to perform….’ really mean?
It can mean anything, right?
Yes, because if the escrow failed due to the buyer’s job transfer, divorce, or losing a job, you would say that for clarity’s sake instead, wouldn’t you?
Buyer failed to perform is too vague and can mean anything. Future buyers are going to ask so listing agents might as well concoct a better excuse right now to cover.
But lazy listing agents who are ticked that this stupid buyer cancelled for no “good” reason will just quickly throw the back into the MLS active bin and include the remarks, ‘Buyer failed to perform’ in order to stick it to the old buyer in hopes that they will see it.
The full sentence should be “Buyer failed to perform to listing agent’s unsavory demands”, because in most cases the buyer has figured out that they paid too much, and is looking for a discount or fresh compensation (i.e., credits). Instead of finding a solution, the listing agent expects the buyer to pipe down and buy the house without making a fuss.