Assigning My Interest In A Sandwich LP Back To Seller
I have done this before, but the one I want to do now is a little tricky. Suffice it to say this deal will not close any time soon and since both TB and seller are a little "different" and mr. seller is willing to take my interest in order to make a little more money, but I get the feeling that they and TB think there is "all this money" in "escrow," just waiting for TB to exercise option,so I can bring this wad o'cash (like 5k-I'm being sarcastic) and after almost three years they still cannot qualify for a mortgage. I explained to mr. seller that he would be able to collect any future profits I have coming (3500 plus spread unless he ups the price at the 3 yr mark) and that when/if mr. TB exercises, he will still get credit for his earnest money/option consideration via his cancelled checks. However, I know they will want further explanation and I don't think the "I don't do this for FREE ya know!" is going to satisfy their want to see cash, which of course they are not getting back. Anyone have any good verbage for describing WHY "non-refundable" means non-refundable even if I am assigning my interest to mr. seller....because it's the only profit we'll hope to see after working with this deal for this long. That's the fee for services rendered!
Anyone?? TIA,
Amy
Hi Amy,
I am not an attorney and this is only my opinion based on to little info.
Everything is going to hinge on the structure of your original deal and the written paperwork.
Good luck
I understand what you are saying, but all of us have had to answer questions about earnest money/down payment etc. I guess I am just looking for ideas on how to answer those questions. The bottom line is everyone wants you to solve their problem, but later don't want you to make any money doing regardless of what they agreed to or understood up front. And most TB'ers don't understand cre and don't understand how they get credit for money that isn't physically coming to closing. They just think I am their savings acct I guess. One TB actually thought because his rent was $1044 that two years later he had "given" me 25k. He didn't understand there was an underlying mortgage and I wasn't going to Tahiti on "his" money![ Edited by breazetn on Date 05/22/2004 ]