I was suppose to close on a property, but the day of closing the title company cancelled the transaction due to the sellers documentation. Long story short the property requires a tripple closing and the title company is not comfortable with the sellers documents. In this case it will take 1-2 weeks with any title company. My agent said he would talk to thte seller agant, but I he has never delt with this before. Would this be grounds for asking for a big price reduction? This was an investment property so we have no problems moving onto the next property. What would the rest of investers do in this situatuion?
@Brandon Patrick I ask for a price reduction at any opportunity that makes sense, especially when I the buyer am the one in control. Worst thing that get said is no. So long as I have all my ducks in a row and I am not the one not abiding by the terms of the contract, the balls in my court. If I get a no to the price reduction, I’d ask for a notice to close and if they can’t close I’d move onto the next one. Or if it still makes sense then I can make a good decision on whether or not I still move forward. I send out notices not only to make sure the other party performs but also to show that I’m serious and at the end of the day not in need of the sale or purchase. When the other party doesn’t feel needed and they need to sell or buy they’ll be more likely to concede for their delays, issues, etc. It sounds like you’ve done this already but when I remove the emotion from my real estate decisions the decisions I make start benefitting me more.