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Updated almost 5 years ago on . Most recent reply

User Stats

17
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Kendall Seals
  • Investor
  • Chattanooga, TN
8
Votes |
17
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Wholesaling Seller wanting to back out

Kendall Seals
  • Investor
  • Chattanooga, TN
Posted

I have a signed purchase and sale agreement between me and a seller and they now want to back out. The contract was signed 2 weeks ago. Last week they were wanting to back out then said they wanted to go through with the sale. Now they are saying they want to back out. I have a contract and have spent a ton of time on this. I even have a buyer lined up. I want to avoid legal fights if possible. Would love to hear some thoughts.

  • Kendall Seals
  • Most Popular Reply

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    3,019
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    Will Fraser
    • Real Estate Broker
    • Salt Lake City & Oklahoma City
    2,321
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    Will Fraser
    • Real Estate Broker
    • Salt Lake City & Oklahoma City
    Replied

    Hey @Kendall Seals, I'm sorry to hear of this trouble!  I can understand how frustrating this must be.  The "banner" I would waive in front of the seller is Vision.  There is a reason they agreed to let you wholesale the property and the successful sale of the property was at one time a compelling vision.  If you can tap into that motivation and clearly hold out the successful sale as the X, then you'll have a less litigious and hopefully more motivated seller.  

    X may be cash, relief, simplicity, or something else, but whatever it is, X is the deeper motivator to them that obligation to a contract. 

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