Under Contract but Seller CXL all Reservations

[Jason Clark]

I’m under contract to buy a short term rental at the beach, but just found out the seller cancelled all of the reservations before closing. I was expecting these reservations to be transferred over to me upon closing. Now I’m tempted to pull out of the deal. Is this normal? 

[Michael Baum]

Hey @Jason Clark. It can be. Many people who sell say the reservations transfer but sometimes you don't want those bookings.

I would say that if you are in need of those reservations to make the deal work, it is the wrong deal.

A lot of folks who buy a operating STR contact the bookings and have them cancel and rebook on your new listing. That seems to be the most often way to do it.

What does the owner say? Did they save the contact info for each booking so you can contact them with the new listing? Have you prepped the listing already and it is almost ready to go?