Seller, "We Don't Have The Security Deposits."

[Arnie Guida]

I have an accepted offer on a 4plex, it's a short sale. In the offer it states that I get the security deposits for all rented apartments. The building is full, and it's $2,525.

I don't know, the seller signed the offer, and now the listing realtor says they don't have it. The seller and the bank signed off on this deal. The closing/title company lady called today and says not giving the buyer credit for the security deposits is a new practice, that she's seen where the bank doesn't pay pro rated property taxes either. The bank is paying the taxes in this deal.

I like the building, the numbers are good...but this is the second problem, the first being told the property is not in a flood zone, but it is.

Maybe it's a sign to walk away.

Everyone agrees I can walk away with no penalty because of the flood zone non disclosure.

I feel the listing realtor is very unprofessional, to say the least.

Do I have any recourse?

Thank you,

Arnie