Buyer delays, costing us $$$

[Bob Beach]

We invest in rental properties and are in the process of selling one house and buying another. We were supposed to close on the house we are selling today. Then close on the house we are buying on the 14th, if not earlier. We are up against a 90-day deadline for a 1031 exchange due to a house we sold 3 months ago. The buyer has one delay after another. The contract says, they can inspect the house within 3 days before close. We gave them the lock box code and they said they couldn't get in. We confirmed the lock box code, then they said there was bad weather. Third attempt, they said there were people in the house and wouldn't let them inspect and the people were combative. We sent our property manager out with the police, a few hours later, and no one was in the house and no signs of forced entry. The buyer is blaming us for the delays and now, they are changing the closing date to the 17th because, their financing package has not arrived yet.  We already signed closing ($150 remote fee) and the selling company for the house we are buying is asking us to get insurance so we can close. The company has already got a tenant in place, as of the 4th, so we are losing money every day the first house is delayed, not to mention, still paying utilities and insurance on the first house. Do I have any recourse to be compensated for my loses? The only thing my agent said was that we can walk away and keep the $1000 deposit. Then I pay capital gains tax on the house we sold 3 months ago. 

Thanks for any advice. 

[Chris Seveney]

Quote from @Bob Beach:

We invest in rental properties and are in the process of selling one house and buying another. We were supposed to close on the house we are selling today. Then close on the house we are buying on the 14th, if not earlier. We are up against a 90-day deadline for a 1031 exchange due to a house we sold 3 months ago. The buyer has one delay after another. The contract says, they can inspect the house within 3 days before close. We gave them the lock box code and they said they couldn't get in. We confirmed the lock box code, then they said there was bad weather. Third attempt, they said there were people in the house and wouldn't let them inspect and the people were combative. We sent our property manager out with the police, a few hours later, and no one was in the house and no signs of forced entry. The buyer is blaming us for the delays and now, they are changing the closing date to the 17th because, their financing package has not arrived yet.  We already signed closing ($150 remote fee) and the selling company for the house we are buying is asking us to get insurance so we can close. The company has already got a tenant in place, as of the 4th, so we are losing money every day the first house is delayed, not to mention, still paying utilities and insurance on the first house. Do I have any recourse to be compensated for my loses? The only thing my agent said was that we can walk away and keep the $1000 deposit. Then I pay capital gains tax on the house we sold 3 months ago. 

Thanks for any advice. 

your agent outlined your options - keep the $1000 or deal with it. This is very unfortunate. In the future I would request a larger deposit/EMD in case of issues like this and make them feel pain if they did not close by the closing date.