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Updated over 7 years ago,

User Stats

22
Posts
5
Votes
Ben Chapman
  • Detroit
5
Votes |
22
Posts

Seller not meeting obligations of sales contract

Ben Chapman
  • Detroit
Posted

So I purchased a rental property from a wholesale company. The SFR is in Memphis TN. Part of the deal was that a tenant would be in place at closing. The asking price was 88,500. Long story short, the appraisal was for 85,000 so the seller agreed to sell for 85 with the contingency that the furnace / ac unit would be replaced once a tenant was moving in. The seller also agreed to pay me $900 a month rent until a tenant was found. Win / win for me......or so I thought. A tenant moved in midway through the month a paid pro-rated rent. The seller was supposed to pay the rest up to $900. Well now, almost 2 months after the fact, the seller has not paid their portion that they owe and I also found out today that they haven't replaced the furnace / ac unit that they were supposed to as part of the sales contract. Any advice is much appreciated!

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