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Updated over 4 years ago,

User Stats

76
Posts
45
Votes
Alex Kovalenko
45
Votes |
76
Posts

Selling our condo - issues

Alex Kovalenko
Posted

Hi 

#1. We are selling a condo and agreed on price and date to close (September 4th). 

#2. We have a tenant living there. The tenant was supposed to move out September 4th but has asked to move out before on August 4th.

#3. We spoke to the buyer about that (for them to move in on August 4th instead) and they verbally agreed.

#4. We had another buyer come in and wanted to pay $10k more, our real estate agent said since we already verbally agreed with buyer #1 - we can not accept a second offer. So we said fine, let's go with the first buyer and signed the documents. 

#5. Now the buyer refuses to change the date to August 4th and wants to keep it September 4th. Our agent is an idiot and cant really advise us on nothing. Even though when they sent us paperwork they have said that everyone agreed on August 4th (our new date). We would never have signed it - as we would have preferred a second buyer with July closing date and $10k more. 

#6. Now we are out $10k that we could have gotten more with second buyer plus $5k we will lose in rent and condo fees / mortgage we have to pay.

#7. The reason we want to close in Aug - a) we do not want to lose $5k on lost rent, b) we are buying another property and need the money ASAP before we lose it, c) have 3 kids - so need to do it before school starts, d) we feel like the buyer might back out last minute - while we wait 2.5 months, and we will be out 4 months of time, and will lose additional money as we try to sell to someone else.


Anything we can do? Did this happen to you? What did you do? We have consulted a real estate lawyer , but he wants to charge $3k-$4k to oversee it and does not guarantee the outcome. Would you recommend involving a lawyer at this point?

You guys are awesome - thanks for your advice!

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