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Updated over 11 years ago,

User Stats

30
Posts
8
Votes
Warren L.
  • Rental Property Investor
  • New York City, NY
8
Votes |
30
Posts

Contract signed, appraisal done but now seller is trying to back out

Warren L.
  • Rental Property Investor
  • New York City, NY
Posted

Hi, I'm still a beginner in real estate investing but 2 months ago, I signed a contract to purchase a 6 family. We have gone through property inspection, appraisal... The seller has been trying to find excuses to back out from the contract such as saying I didn't send his lawyer the commitment letter in time and not being cooperative with the appraiser. All the issues were solved with my lawyer contacting the seller's lawyer to cooperate.

However, the seller is now calling me saying he needs to back out because he needs the income and made the wrong decision to sell it. After we have spent so much time and effort in this deal, any advice on what's the best way to proceed? Should I bring the seller to court or should I try to get reimbursement to cover all my expenses and time. If yes, what's the amount of reimbursement is typical? Thanks a lot.

Regards,
Warren

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