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Updated over 8 years ago on . Most recent reply

User Stats

8
Posts
1
Votes
Sean Cina
  • Investor
  • Caldwell, NJ
1
Votes |
8
Posts

Seller Terminated Contract With No Cause

Sean Cina
  • Investor
  • Caldwell, NJ
Posted

Hey everyone. I currently have a deal in Jersey City that has been under contract for over 6 months due to HOA arrears (which the seller is partially responsible for). I finally found a bank that would do a non conforming condo deal that was reasonable. During the appraisal I was speaking with the current tenant and found out that another appraisal was done in December, unbeknownst to me. I called the appraiser to find she was hired by another bank. I gave this info to my attorney's office who emailed the seller's attorney. One day later, we get a letter saying they are terminating the contract, not citing any grounds for termination. Looks as if they signed another contract and didn't terminate our's first. The listing agent has no idea about this and the property was never put back on the MLS after my contract was signed. My attorney has rejected their termination and we are waiting to hear from the seller. What is my recourse?? Please help!

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