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Updated over 3 years ago,

User Stats

26
Posts
3
Votes
Hunter H.
  • Real Estate Investor
  • Westport, CT
3
Votes |
26
Posts

Sellers Remorse: Can I get out of selling my property?

Hunter H.
  • Real Estate Investor
  • Westport, CT
Posted

I listed a property a few weeks ago with a broker and he immediately got a contract to sell. It's a mixed-use property with 4 apartments, 1 large Airbnb apartment, a large retail space, car detailing shop and 10 storage units. It's not in an area that appreciates or has grown fast (Rutland, VT). The building doesn't appeal to a lot of types of investors so I was happy to get a contract. But now I don't think I want to sell the property. It's profitable, recently renovated and I stay in the airbnb apartment when I come up to visit. 

The building inspector did a walk-through last week (clean COs are required on each apartment). Every apartment failed for small issues (gfis, fire extinguishers present but not mounted, smoke detectors are now required to be photoelectric- not ionized, outside railings need to be raised). They are all easy fixes. The buyer is sending his own inspector tomorrow (13th of Sept). I don't think I, the seller, am able cancel the contract for any reason. 

Is there a way I can get out of the contract at this stage? Has anyone been in this situation before? Appreciate any help - thanks.

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