Question?
I put a backup offer on a property, and I got a call last week saying if the buyer didn't execute by thursday (His contract deadline), That the sellers were going to take my backup offer. I got a call Friday saying he didn't close and they were going to start working with me, then shortly thereafter I got a call saying the previous buyer is suing the sellers for not extending his contract. He doesn't think he was given ample time to close. So now my deal is being held up with this legal issue. Does this guy have a leg to stand on? Is this house now going to be tied up in legal issues? Any advice is appreciated!
Thanks,
Gerry
If he signed and agreed to close within the specified time on the contract and the time expired. I don't think he has a leg to stand on at all.
This might be pretty interesting, let me know what happens with this.
Maybe I can tie properties up for 50 years when my contract says 30 days...oh wow then I could wholesale these same properties to my unborn grandchildren's real estate investor association after the property values have gone up 300 %.
I don't think he's going to get anywhere, but then again I dont know all that's involved. Let us know what happens with this.
JB
[addsig]
I'll let you know what happens, I'm anxious as you can guess. There's a pretty substantial amount of equity in the home. It's just a stall tactic from what I can tell. We'll see.
the seller is not obligated in any way to extend the contract, unless it was included in the contract. the ex-buyer maybe using this tactic hoping you will walk away........km