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Updated almost 12 years ago on . Most recent reply

User Stats

49
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7
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Corey Scott
  • Real Estate Investor
  • West Palm Beach, FL
7
Votes |
49
Posts

Nonpreforming seller. Cloud Title?

Corey Scott
  • Real Estate Investor
  • West Palm Beach, FL
Posted

I have a deal under contract. The seller originally told me it was $1800 behind on taxes. I offered $15k and an additional $2K to cover the tax lien. All was well in my world......Then the title search came back....... They are $7500 back in taxes, have a $1200 City Lien, and a $350 water bill.

Now the seller says he wants to back out. What can I do? Can I cloud the title or sue to force the sale? How do I do either of these things in Florida?

Most Popular Reply

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3,126
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2,640
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Matt Devincenzo
  • Investor
  • Clairemont, CA
2,640
Votes |
3,126
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Matt Devincenzo
  • Investor
  • Clairemont, CA
Replied

Look at this a different way, instead of trying to force him to perform make him want to not lose you Mr. buyer.

Explain to him that those taxes aren't going to go away, and if he doesn't sell they're going to keep getting bigger. Figure out what the approximate daily/monthly accrual rate is at 18% int and show him that everyday he delays he is losing $XX off any potential sales price. And if he waits too long someone will foreclose and he will lose the house at the tax auction.

Maybe it doesn't work, oh well worth a shot. Maybe it does and you're back on track, or he might be willing to negotiate and say if you come up $1000 he'll stay in the deal, at that point it depends on whether your numbers work or not.

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