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Updated about 5 years ago,

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5
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Amos Raymond
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5
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To breech or not to breech?

Amos Raymond
Posted

Found a single family that was converted into a two unit home years ago. The seller’s agent presented the property as such but all comps were amongst other single family units which are doing great in this up & coming neighborhood. My math was based on that but later found out comps would truly be amongst other duplexes which aren’t as plentiful & valuable. I’d be overpaying and with rehab, $60k more comparatively. I didn’t have an agent and trusted the seller’s agent’s bad intel. I’m trying to back out. No contingency as it was “as is” and I was going in with cash so no financing. My partners have backed out and I’m in the hook. 

I need sage advise. Otherwise, I’m waiting to see if seller will be amenable with clearing me from the contract, renegotiate or face being sued for breech. 

Help!

FYI: Lesson learned: Always put a contingency even if you don’t need it until you do need it. 

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