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Updated about 5 years ago on . Most recent reply
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Is clouding title the only option when a seller gets cold feet?
When a seller gets cold feet are there any other options/strategies besides clouding title?
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- Lake Oswego OR Summerlin, NV
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as a wholesaler clouding title to me depends on the situation.. if its a fact that the seller figured out they are being screwed and sold way to cheap then you let them move on.. its their property not yours.. and we want all owners to maximize their investments don't we.. ??
If like in my case I put up 40k in cash and the seller would not give it back because they would not close.. then yes I sued for performance.. too much money to just let them walk.. 20k later and almost 3 years of litigation that most people don't have the time or money for I won.. PS I had to put up the entire purchase price in CASH because that's what my contract said I was doing paying cash into escrow on the close date and let it sit there their entire time.. and it was over 150k.. So how many have 200k in cash that can just sit in escrow.. many do most wholesalers might but wont.. Now I ended up with 3 new builds out of it that sold in the 600k range each so it still was profitable even with all the drag.
- Jay Hinrichs
- Podcast Guest on Show #222
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