Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

Account Closed
  • Rental Property Investor
  • Portland, OR
332
Votes |
338
Posts

Is Vantage Homes coercing the seller to breach our contract???

Account Closed
  • Rental Property Investor
  • Portland, OR
Posted

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!

Loading replies...