Seller wants to terminate

[Alison Zywicke]

I've been looking for properties for months and finally found an investment with a great return. My offer was accepted and we just finished the inspection. The owners of the property are married and have the property in a trust. The husband fell, hit his head, and now the wife wants to terminate the contract. I just closed on my other property and I'm doing a 1031 exchange so the clock started on Friday. I don't want to bring my emotions into the property, but along with a great return, I LOVE the house. What are my options? I want this house but if I have to get lawyers involved I might miss the timing for the 1031 exchange. Should I just give up and move on looking for another property?

[John Thedford]

You have 45 days to identify the replacement property. Since you have a signed contract, you need to identity this one in that time frame. Explain to the sellers your legal obligations on the 1031. Along with that, search for other replacement properties hard and fast. Let the situation play out for a week or so and see if the sellers change their mind.