In June we had a gentleman put a offer on our townhouse we had on the market, we counter offered?

an addtional $1000 good faith money plus a letter stating he was credit approved for our agreed price. Our agent told us the buyer agreed to these terms, took the townhouse off the market even though we were having showings that week-end, our closing date was to be June 21 acording to our purchase agreement. One week and a day from our closing date, we were concern no inspection or bank inspection was arranged. The buyer had not sign the counter offer or brought to our agent the addiontal funds. That is we found out the letter of credit was issed my buyers mortgage co. need not even run a credit check, but letter was issed with the buyers own credit report that buyer provided, What should we do????

The buyer is no longer involved, he signed off on the deal, and we have recieved the $1000 already. We have put our townhouse back on the market

If you're peeved, you should be peeved at your agent.

First, your agent told you the buyer agreed to these terms without receiving a signed copy of the counter-offer back?? What kind of idiot believes in that kind of hog-wash?

Second, the agent takes the townhouse off the market before receiving again a signed counter-offer. (if you took it off the market, the agent should have stopped you)

Finally, your agent sets a closing date and led you to believe it was closing knowing full well that again the counter-offer hadn't been signed.

I would fire your agent in a heartbeat, he/she is incompetent and I would hate to see what would happen if something else crops up.

My advice to my clients is keep the house on the market up to the day it closes until you have the check in your hand and the buyer has the keys in his pocket. Take secondary offers if you have too but by no means should you relax and breathe a sigh of relief until it's all said and done.

Too many deals have fallen apart days before closing and even at the closing table.

Surely the deal is off, since the date came and went. Start over.

Give ample notice to this gentleman that he should either s**t or get off the pot. Do this by contacting his people AND by putting an ad in the biggest local newspaper. Give him ample time to respond. If no responce, relist and his money is returned or forfeit according to your agreement. (force his hand)