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Updated over 2 years ago, 08/16/2022

User Stats

468
Posts
85
Votes
Abdul Azeez
  • Real Estate Investor
  • Monroe Township, NJ
85
Votes |
468
Posts

Need some input from other sellers

Abdul Azeez
  • Real Estate Investor
  • Monroe Township, NJ
Posted

I am an investor who listed a house on sale with a realtor. We received several offers and I selected a loan offer. The contract had a special stipulation indicating that buyer is willing to pay $5k over appraisal if appraisal is less than offer price. After appraisal, although appraisal came higher than list price, it came less than offer price. With the $5k added, it still did not meet my lowest limit I was hoping to get. The buyer was unwilling to go up any higher. So, I asked my realtor to terminate the contract and move forward with a backup offer. However, buyer threatened to sue due to non-performance. After talking to attorney on my side, the listing realtor and broker have clearly said that seller does not have to accept the lesser offer. So, a notification was sent to the buyer than unless they immediately terminate the contract we expect them to close as scheduled. Closing is less than a week away. However, since the seller was unwilling to even come up to a mid-point previously, I highly suspect they will do the offer price. I have tried to follow up multiple times with my realtor and broker and they said they are still waiting for the other side to respond. It's been 4 days. Given that a) closing is coming up next week and b) I am unable to move forward with the back up offer, what do I need to do now other than indefinitely wait. When I follow up, I keep getting the message that they are still waiting for buyer side to respond.

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