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Updated over 7 years ago,
Is Vantage Homes coercing the seller to breach our contract???
I've been in contract since January to purchase a property that is contracted to close by 5/31. I have funded escrow and completed by side of the agreement.
Because there were some boundary questions that I wanted resolved before closing, we wrote an amendment in January stating that:
The seller didn't resolve all the boundary issues (the neighbor's garage encroaches) and the deadline to close is fast approaching. I funded the escrow account and let the seller know that it's OK with me to close despite not resolving the encroachment, that I would resolve it myself after closing.
The seller has been taking his sweet time to sign the closing documents and I just found out why: Blaine and Jesse of Vantage Homes submitted an offer to the seller back in April that was $20k higher than our contracted price. Then just today, I found out that Blaine and Jesse have increased their offer to $30k above our contracted price.
The seller is saying that, since he didn't resolve the boundary issue, he can just wait out the contract until 5/31 and then sell the house to Vantage Homes for higher than our contracted price!
I'm about to claw my eyes out. How is this possible?? I spoke with a lawyer who said that, if there wasn't a specific consequence to cure the boundary issue, like extending the closing deadline, then the seller may have a case. How can this be?? The amendment was written for my protection, in case I didn't like where the results of any boundary change ended up, so I could back out if needed. NOT so that the seller could back out because he got a higher offer!
This is just killing me because this deal was going to be the one that was going to finally set me on a path to financial freedom. I was going to live there and develop this property (it's industrial zoned) and then cashflow it long term. I tried to contact Vantage but just got voicemail. I wonder if they'd be as interested in the property if there's a lis pendens on the title, or whether they're doing anything that is bordering on illegal by trying to coerce the seller to not honor the contract? I just want to talk with the Vantage people to straighten this all out.
Does anyone have any suggestions about what I can do?? This is crazytown!