Second, Second Thoughts From Business Buyer

Today was something else.

I have a restaurant listing, I had an accepted offer, we went into due diligence at the end she said she would take it. We filled all the escrow documents and just before we were going in to sign she wants to back out. I talked to her and tried to work out her fears and objections.

I was ready to put it back on the market when she calls me and says that she has changed her mind again and now she wants it. I told her I had another person who was very interested in it who wanted to make an offer. I asked her if she was very sure this time because I didn't want to lose the other buyer, she said, "Yes I'm sure." We opened escrow and periodically I would call her to see how she was or keep her informed of how the new lease was going. She was always nice and never showed any signs of remorse.

We were suppose to close today, as a matter of fact, but the landlord sat on the lease and he delayed us. She got the lease today and she was suppose to sign it and FedEx it back to him so we could close Thursday. Today she calls my seller and says,"I don't think I'm the right person for the job. I don't want to buy this business anymore."

My seller went ballistic, rightfully so. She then called me and I went ballistic too. I then proceeded to tell her that she would most probably lose her deposit because both the buyer and seller have to agree on what they want escrow to do with it and my seller said she would NEVER let her have it back, plus she might sue for damages.

I told the buyer she would also have to pay for all the escrow fees and I wasn't sure if I could or would go after her for my fee as well. It was quite a reality check for this person. In the end I advised her to reconsider her poor decision and if she still wasn't happy after it closes to let me put it back on the market and try to sell it for her.

Stay tuned to see how this ugly situation plays out.