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Updated about 9 years ago,

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14
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0
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Ayaan Aha
  • Springfield, NJ
0
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14
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Signed the contract but the seller is taking forever

Ayaan Aha
  • Springfield, NJ
Posted

So here is the situation. The property was water damaged and insurance company fixed everything. The property was listed with an auction broker that would go to auction in mid Jan. However I made an offer and the seller accepted it and we signed the contract but to be on safe side I put a condition for home inspection and If serious issues are found like mold and all I will back out from the deal. The seller accepted it. The agent asked the seller to turn on the electricity and other utilities before I can run home inspection but It is more than a week he has not turned on the utilities yet. I asked the agent he said he is having some issues with title deed. Since then I have not heard back from the agent. 

Honestly I am kind of hesitant investing in this property given this was water damaged and it is on the ground floor (Condo unit). The closing date is in mid January, I thought the seller would push for closing this sooner but may be he is  is looking for another offer (not sure if that is legal while he has signed a contract with me) or he is really having issue  title deed.

Should I contact my agent again and follow up with him or should I just wait until the closing date and simply walk away from the deal. 

I have done my math the property is in good shape and is ready to be rented except for few minor repairs. However my concern is the water damage would that happen again and it is on ground floor like a few steps below the ground. But you get what you pay for... This is the cheapest unit I can find in the area. It is also one bedroom not sure if one bed rooms are considered a good rental property.

Confused would appreciate your suggestions...  

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