Wholesale: Options When Seller Refuses to Perform

[Christopher Moss]

Hi Biggerpockets!

Here's a unique wholesale obstacle that I'm struggling to find a solution to. I just wholesaled a piece of land in Tiverton, Rhode Island for an end price of $55,000. Both the seller and buyer were pleased with the closing process and the outcome. The seller is also selling me an identical lot, which I'm assigning to the same buyer for an end price of $52,000. We were set to close today until the seller contacted me with an ultimatum demanding we increase the purchase price from $52,000 to $60,000 or he'll refuse to sell the parcel of land. 

Does anyone have experience with a seller who has failed to perform? Any insights on how to best navigate this situation would be greatly appreciated! 

Thank you, 

CJ

[Wayne Brooks]

You may, or may not, have the right to sue for specific performance depending on your contract and state laws....but it is seldom worth it.