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All Forum Posts by: Jay Bob

Jay Bob has started 14 posts and replied 62 times.

Multi-Family and Apartment Investing

Post: My first deal property seller didn't honor contract

Jay BobPosted
  • New York, NY
  • Posts 65
  • Votes 15

@Greg Dickerson

I would have but the seller couldn't provide a time line.Eviction in NY can take up to a year and we don't know the out come. I do not want to be in contract for that long.

0 Votes
Multi-Family and Apartment Investing

Post: My first deal property seller didn't honor contract

Jay BobPosted
  • New York, NY
  • Posts 65
  • Votes 15

I had my first deal properly in contract for almost three months. The seller agreed to deliver the property vacant per our contract. I did my inspections, title survey and my loan was approved. However, I had to cancelled the contract because the seller couldn't deliver the property vacant.

Per my agent, the tenants refused to move out and stop paying rent. The seller took a legal action to evict the tenant but couldn't provide a time line when the tenants will move out and close the house. I live in NY and it could take about 6 to a year to evict someone.

My deposit was refunded. However, I was advised by my attorney that I can take the seller to a small claim court to get my legal and inspections fees back which is $2,235. Do I really have a legal ground to get this money?

0 Votes