Owner signed contract now want more money

[Paul Johnson]

I'm in the process to purchase a 6 unit building. The owner signed the contract and i took contract to Title company with my $1,00.00 down payment. We got the estimated settlement statement and the owner wants to back out of deal because he is not making the amount of profit that he wants because of the fee's he has to pay as part of the contract. I have no back out penalty in contract.

[Wayne Brooks]

@Paul Johnson More Importantly......do you know what you’re getting into with a 6 unit property for $60k....and the type of tenant you will have there?