All Forum Posts by: John De angelis

I ended with open ended liability on city and state inspections which have since cost me 20,000.00 and obviously improved the property from what I believe was a "as is" sale. After this investment and the way the property cash flows I feel it was a bad deal due t wording in the contract.

Anyway knowing it is not cheap to break a contract I most likely will commit to transaction reluctantly.

Thanks for your advice

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Originally posted by @Michael Noto:

@John De angelis Contact your lawyer. Anyone on here who is not a lawyer in NJ will just be speculating and in general know one knows the details of the specifics of the contract you entered into except the parties involved.

Thanks for your advice.

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Originally posted by @Stephen Bell:

I'll tell you what happened to a seller of a property that my buyer was buying from. Bear in mind this is in CT though and NOT NJ, the seller wanted to back out a day before closing, her attorney politely informed her that if she haulted the sale she could and would be sued for the commissions of agents and brokers, the closing attorneys, and compensating the buyers (who became "homeless" two days before closing) paying their movers and paying to put them back into an apartment. The amount totaled about 25k, the seller reluctantly sold the property. Again this was in CT. Speak to an attorney if you really want to do it.

Stephen,

Though i most likely will move on I recognize to cancel it would not be cheap but frankly the contract i signed off on made me put a extra 15k into the place which i never planned on doing. It was always a "as is" deal but somehow for State inspections that got screwed up. Building now is worth about 5 to 8% more which would cover any loss i would need to pay.

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Originally posted by @Larry K.:

I'll second what others are saying. Your atty can give the best guidance. The term I recall is "specific performance"

Thank you. I am aware of that quote and know my options. Most likely will let it go and move on.

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Thanks for your thoughts Jon. I know I let a good deal go for too cheap but may bite the bullet and move on.

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Originally posted by @Jon Klaus:

it's common to have second thoughts. Think about the reasons you wanted to sell in the first place. Are they still valid?

You can try to negotiate with the buyer. Perhaps they'd take a reasonable settlement to cancel the contract.

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I went into contract on a four family property about a month ago with a scheduled close this week.

As a seller I have been struggling with this contract, since I had never sold a multifamily and quite frankly cut myself a bad deal for different reasons.

I recognize I can be challenged for breach of contract.

My question is as follows:

What are my realistic damages, as a seller, in the state of New Jersey for not fulfilling the contract sale of this property?

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All Forum Posts by: John De angelis

John De angelis has started 1 posts and replied 7 times.

Post: Want to cancel a Contract to sell a four familiy in New Jersey

Post: Want to cancel a Contract to sell a four familiy in New Jersey

Post: Want to cancel a Contract to sell a four familiy in New Jersey

Post: Want to cancel a Contract to sell a four familiy in New Jersey

Post: Want to cancel a Contract to sell a four familiy in New Jersey

Post: Want to cancel a Contract to sell a four familiy in New Jersey

Post: Want to cancel a Contract to sell a four familiy in New Jersey