seller BACKED out.. WHAT NOW?

[Reen Wade]

Hello BP,

Ok, so I signed a contract with the seller in hopes of wholesaling the deal to an end buyer. The same day the contract was signed seller calls and says he wants to wait on sale. What do you do? What should I do?

Any and all feedback would be greatly appreciated! Thanks in advance..

[James Mc Ree]

Pennsylvania has a 72-hour "Right of Recission" (sp?) law for real estate, but I don't think Florida does.  During that time, either party can back out for no reason at all with no penalty.

If the seller hesitates again, you could force the sale with "specific performance", but that can result in risks to the property.

Maybe asking the seller for a right of first refusal would work more in your favor.  That would allow you to take the high road and let the seller off the hook at seemingly no cost.  In reality, you have locked up the property for whatever term you specify in the agreement.  You could specify that prospective offers are reviewed with you first to see if you want to beat them.  You would have the option, but not the obligation, to buy and could beat any other bidder because you know the competing offers.

Jim.