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Updated over 8 years ago on . Most recent reply presented by

User Stats

39
Posts
16
Votes
Kent Baltare
  • Investor
  • Denver, CO
16
Votes |
39
Posts

Interesting contract situation- advice apreciated

Kent Baltare
  • Investor
  • Denver, CO
Posted

Here is the scenario,

Signed a purchase contract 4 months ago to buy a home that was being constructed. Purchase price is $X and I gave a 10% down payment, as per our agreement. Since then there has been an uptick in the market and the completed home could now be sold for about X+ 20%.

Now in in the homestretch with closing, I am starting to get some push back from the seller indicating that he may be trying to tank the sale, so he can relist and capture that appreciation. He could do this by extending closing until I bail out or not completing the place to spec.

I am wondering if anyone has been through something like this and if they have any advice on what options there are.

PS the place is in TN.

Thanks for your time.

  • Kent Baltare
  • Loading replies...