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Updated about 5 years ago,

User Stats

127
Posts
54
Votes
Nandy B.
  • Rental Property Investor
  • Los Angeles CA
54
Votes |
127
Posts

Closing delay bcs of Seller....what are my options

Nandy B.
  • Rental Property Investor
  • Los Angeles CA
Posted

I m purchasing a house cash.

Everything was on track to close. On the day of closing my title company emails me to reach out to the seller bcs they have not responded to any emails.

There s a mortgage that needs to be released from the seller. They were informed weeks ago and the seller claimed that it would not be a big deal, "their company will take care of it". Two and half weeks later and it's Still not taken care of. They are offering no potential deadline of when it will be done.

This is slowing me down bcs I have to travel to a different state to deal with the remodel, meanwhile I have other projects I can't really get started on bcs of this delay.

Do I have any options?

Do either cancel the contract or renogogiate???

♦️♦️Details - No realtors or Lenders involved, it was a low budget Properties from a large wholesaler LLC.♦️♦️

It was going to be my first experience flipping. Great price, okay location. I m not in love with the deal but took it on as a great opportunity to keep up momentum of making real estate transactions.

I have options for better deals now which I didn't have then.

Thanks

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