Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago,
To breech or not to breech?
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.