I was purchasing a duplex for $12,100 and everything was running smooth until the day of closing.
Closing occurs, everyone gets their check and leaves.
I get a phone call from the closing company 10 minutes later saying they discovered a $20,000 lien on the property from the electric company, and that they have stopped payment on the seller's check, and they are "undoing" the closing.
The seller did not reply to the closing company until he found out his check was no good. He is discussing his options with a lawyer and has threatened the closing company to push the closing through anyway.
Has anyone else had a similar situation? What was the outcome?
Any advice?
I am afraid to do another deal until this is resolved, as I may have to buy it again.
