Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Legal & Legislation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 4 months ago on . Most recent reply

User Stats

11
Posts
1
Votes
Mel Smith
  • atlanta, GA
1
Votes |
11
Posts

Pending sale with lis pendens

Mel Smith
  • atlanta, GA
Posted

Hi, I am the seller of a house that has a lis pendens on it.  The lis pendens will be removed once the house is brought up to code (demolished or rebuilt).  I have a sales agreement with someone that was signed a month ago and the closing was supposed to be in 2 weeks.  The buyer was informed from the beginning about the lis pendens.  Once the title search came back, the buyer will not move forward with the closing and keeps wanting to re-negotiate. I've told him no multiple times, that I'm firm on the agreed upon price since he had time ample time for due diligence and if he wants lower, then I want to void the cancel the sales agreement so that I can put it back on market.  This has been going on for 2 weeks now.  I'm feeling bullied and as if I'm being held hostage and am not sure what I can legally do.  Can someone please advise?  There are no real estate agents involved.  Thanks.

Most Popular Reply

User Stats

17,720
Posts
15,271
Votes
Chris Seveney
Lender
Pro Member
  • Investor
  • Virginia
15,271
Votes |
17,720
Posts
Chris Seveney
Lender
Pro Member
  • Investor
  • Virginia
ModeratorReplied
Quote from @Mel Smith:

I thought I wasn't legally able to sale to someone else unless the buyer has cancelled the contract in writing. The verbiage in the contract regarding the closing date is below.  Does this mean that I'm legally able to sell to someone else now?  Thanks.

Time and Place of Settlement. Settlement shall take place on or before
September 27th 2024 closing date. (7-29) days from the ratification of this
Contract or sooner by mutual agreement between the parties. Settlement shall
occur within, or at such other site as the Buyer may select, provided that the Buyer
shall have given the Seller at least five (5) calendar days advance written notice
thereof.

 


Something does not make sense, you say above setttlemtn to occur on Sept 27 but in your inital comment you say settlement is in 2 weeks. Which one is it?

Either way, you wait two weeks and cancel the agreement or cancel it now as its past the settlement date. Let the buyer know you are not signing an extension. Return any funds and move on. 

Not sure what the price of this property is, but this is why you should use an attorney/realtor/closing agent to assist. 

  • Chris Seveney
business profile image
7e investments
5.0 stars
12 Reviews

Loading replies...