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Updated almost 8 years ago,

User Stats

5
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Delia Rhinehart
Pro Member
  • Somerville, TN
0
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5
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Breech of sale agreement? Seller decides not to sell

Delia Rhinehart
Pro Member
  • Somerville, TN
Posted

I have a purchase/sale agreement on 4 multifamily properties in TN. The closing is in 48 hours & everything is in order, ready to close. Today, my agent & I received notice (email)from the seller's agent that the seller decided not to sell & "is terminating his offer and withdrawing (all properties from the market)". Their company will "be processing" my "earnest money check with all possible haste". 

I have many concerns at this time. One being with the statement that  "he is terminating his offer". He did not have an offer on the table thus, he is unable to terminate an offer that doesn't exist.

I have never run into this & am entering unfamiliar territory. Currently, I am out a good amount of money & had a hard money lender that I now have to pay regardless of what happens.

Does anyone have any recommendations or experience with such a situation? Where do I go from here? I am thinking that I will need to retain an attorney for this.

  • Delia Rhinehart
  • Loading replies...