PINELLAS COUNTY, Fla. (WFLA) — The buyer backed out weeks before closing: We’ve seen it before, developers and speculators buying up damaged homes after a hurricane hits.

Some Redington Beach homeowners said they were left in limbo, when the deals to buy their homes fell through.  Now, they said they’re left to start over in a  buyers’ market.

Hurricane-damaged homeowners in Redington Beach thought the deal was done. The buyer’s realtor drew up a contract.

It was a cash deal with no contingencies. It all sounded great, but weeks before closing, they said the rug was pulled from under them!

So, is there any way to protect yourself from this homeowner heartache?

Toray Leonard’s home was pummeled by Hurricane Helene. After it happened, she and her husband decided they’d had enough so they struck a deal to sell their home. The buyer’s realtor drew up a contract: cash deal, no contingencies, but weeks before closing, it all fell apart.
 
“Anybody who comes into this area knows the devastation that everyone’s going through so to not even contact us during the closing, not even give us a word that they weren’t closing just leave us in limbo was cruel,” Leonard said.
 
8 On Your Side told you the Leonards’ story earlier this month. Since then, we’ve heard from more Redington Beach homeowners, including Patti Elsasser.
 
“Two weeks before closing, they decided they would not continue with a contract and dumped us and not only dumped us,” Elsasser said. “Land values went down. We’re now stuck and we’re in limbo.”
 
So, it’s not illegal to back out of real estate deals, of course, but both Leonard and Elsasser are beyond frustrated.

Attorney Tim Campbell, who specializes in commercial real estate, looked over Elsasser and Leonard’s contracts. His advice to them and anyone was:

• When someone seeks to cancel, you should seek legal guidance to learn what your rights are.
• Before signing a legal document, seek legal advice. While that may not always be feasible, it’s wise so the seller understands their rights and obligations.

“No matter how good the contract or how bad it is, if you have unscrupulous parties involved, and you could have the best contract in the world, and it won’t make a difference,” real estate attorney Todd Marks said. “It will end up in litigation so what you try to do is avoid litigation by making the contract as explicit and clear on its face as possible. It sounds like you have an opportunistic buyer and sellers who are facing really bad choices and may not know some of the tricks of the trade.”