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Updated almost 2 years ago on . Most recent reply

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Mike Schorah
  • Rental Property Investor
188
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416
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What do you do if a seller under contract is now not motivated?

Mike Schorah
  • Rental Property Investor
Posted

I put a property under contract and assigned it to another buyer.

The seller asked for an extension due to needing to talk to an attorney regarding understanding the process of completing the estate accounting to prove that the house must be sold by him to pay the home equity loan and other debts of the estate which therefore would not require the signature of the minors in the will. It has been a month and he still doesn’t have a response from his attorney.

Should I tell the cash buyer? Should I tell the seller that if we need to extend again, then I’d need a price reduction? Should I let it go?

Most Popular Reply

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Eliott Elias
  • Investor
  • Austin, TX
5,552
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Eliott Elias
  • Investor
  • Austin, TX
Replied

Be transparent with the buyer, light a fire under the seller. Unfortunately this happens, and you can't force the seller to show up to closing. You can file a MOC. 

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