"Huh? You're 3 days from closing? What's up with that?"

So I'm back from vacation, I'm ready to close a listing (I'm representing the seller) in the last three days of the escrow period and I get this call from the buyer's agent. "My buyer has been laid off from work and needs to cancel this transaction. Oh and by the way, she wants her deposit back."

Welcome home...

The tough part for the buyer is she didn't know she had lost her job until her lender received the Verification of Employment stating she had no future employment with the company. She was a single mom, working as a nurse's assistant for many years with the same company. Meanwhile, she had already fully committed to her purchase and removed all contingencies. Her deposit was fair game to request release of it to the seller. So the predicament was, should the seller take the buyer's deposit?

I spoke with my client (seller) after verifying the buyer's misfortune. We both agreed that in the San Diego market and economic climate, giving the deposit back felt like the right thing to do so, she did.

We already have another offer in negotiation with a new buyer, life is good. The only thing lost was time. We are experiencing multiple offers and overbids (on low prices) so it still has all the makings of a happy ending for my client.

But I'm curious, fellow agents out there, what would you have done?

Although it was sunny and cold, I'm glad to be home from camping on the beach...salvaged another deal and happily remembering Raphael's first day in the sand. 

Have a great week folks!

Marvin