All Forum Posts by: Matthew Orr

Quote from @Havital Miltz:

I do not know that if someone is in the hospital you can force them to close, I am not an attorney, but I doubt any court will find in your favor, closings do not always happen exactly on the day that is planned, even if everyone is healthy and well, the wholesaler here is not the reason for the delay so I am not sure what exactly you can sue him/her for, they are also being held up due to the seller not being well

Just give the person some time to get out of the hospital, closing will probably not happen the very next day either, this is really extenuating circumstance. 

Yeah it’s some crazy circumstances. They are settling an estate, and the executor of the estate state, who was the seller is the one who got ill. Now it sounds like they have gone into ICU and we have to wait to hear from their estate attorney to find out who can sign, POA, or what the process is going to be going forward. 

Clearly I can’t sue someone that’s actually ill, I was questioning, but feel bad about that now. I’m just stuck in limbo now.

Quote from @Chris Seveney:

Quote from @Matthew Orr:

I am currently under contract with a wholesale deal that was to close on Monday. The property is being purchased at 103 with an ARV of 375. The wholesale deal is at 81.5. Everything on my side was set to close, and then today the seller is refusing to close on Monday as they have not moved a few pieces of furniture they were supposed to get movers for. This was also not mentioned until today. After I was informed this, I pushed the wholesaler hard as their was no contingencies and I was pushed for a 10 day close. Now the seller has been admitted into the hospital as of this afternoon and is not answering the wholesaler. He was able to talk to the sister who has conveyed this information and is claiming to talk to her sister tomorrow. Additionally, the contract with the wholesaler is set to expire on Monday the 27th. Should I file suit to make them sell the property? Also, am I able to do this, or does it need to be done by the wholesaler?

Are under contract with the wholesaler and they are under contract with the seller?

If so, you cannot sue the owner of the property as you have NO agreement with them. Your agreement is with the wholesaler. You can only sue the wholesaler. Why is the wholesaler not giving you an extension? Seems sketchy on the wholesaler if anyone in this deal. 

Your correct. I’m under contract with wholesaler and their under contract with seller. I think it’s just crazy set of circumstances, but the wholesaler seems new to this and that he has gotten himself in over his head. 

Quote from @Ken M.:

Quote from @Matthew Orr:

I am currently under contract with a wholesale deal that was to close on Monday. The property is being purchased at 103 with an ARV of 375. The wholesale deal is at 81.5. Everything on my side was set to close, and then today the seller is refusing to close on Monday as they have not moved a few pieces of furniture they were supposed to get movers for. This was also not mentioned until today. After I was informed this, I pushed the wholesaler hard as their was no contingencies and I was pushed for a 10 day close. Now the seller has been admitted into the hospital as of this afternoon and is not answering the wholesaler. He was able to talk to the sister who has conveyed this information and is claiming to talk to her sister tomorrow. Additionally, the contract with the wholesaler is set to expire on Monday the 27th. Should I file suit to make them sell the property? Also, am I able to do this, or does it need to be done by the wholesaler?

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Some 'ting fishy and smell of foul odor.
ARV of $375,000 and
buying for $103,000? and
wholesale for $81,500?

Sounds like maybe equity skimming?

from someone in a hospital? 

Sounds like maybe "vulnerable person"?

Can't say for sure, but I'd be careful. Perhaps check with a local attorney before proceeding.

I realise I left some stuff out in the beginning, but the whole situation in general is just pretty wild. The sale is a probate sale to settle an estate. The executor of the estate has become ill the day before closing. The ARV is at 375 after putting in an additional full bath and 150k. 

The current price of the house is indeed valued at the 103k, but I have to admit I was shocked to see the price the wholesaler got as well. 

I can’t comment on anything the wholesaler did to obtain the deal, that I’m not sure. After talking to an attorney there really is not much I can do.

Looks like it’s just a crazy circumstance that I have to just want to settle out.

Yes, I am talking with an attorney tomorrow as there are a lot of pieces here. I did not mention, but this is a probate sale, and the seller is the executor of the estate. The contract with the wholesaler also expires on Monday the 27th, so I have my concerns about this just being a stall tactic to get out of the contract. I am obviously conflicted with the moral side of pursuing legal action here, but understand that people can do untruthful things when it comes to financial gains. 

Yeah, I agree with that. My concern is that the wholesale contract expires on Monday as well and that they are saying this to get out of their contract.

I am currently under contract with a wholesale deal that was to close on Monday. The property is being purchased at 103 with an ARV of 375. The wholesale deal is at 81.5. Everything on my side was set to close, and then today the seller is refusing to close on Monday as they have not moved a few pieces of furniture they were supposed to get movers for. This was also not mentioned until today. After I was informed this, I pushed the wholesaler hard as their was no contingencies and I was pushed for a 10 day close. Now the seller has been admitted into the hospital as of this afternoon and is not answering the wholesaler. He was able to talk to the sister who has conveyed this information and is claiming to talk to her sister tomorrow. Additionally, the contract with the wholesaler is set to expire on Monday the 27th. Should I file suit to make them sell the property? Also, am I able to do this, or does it need to be done by the wholesaler?

I am currently under contract with a wholesale deal that was to close on Monday. The property is being purchased at 103 with an ARV of 375. The wholesale deal is at 81.5. Everything on my side was set to close, and then today the seller is refusing to close on Monday as they have not moved a few pieces of furniture they were supposed to get movers for. This was also not mentioned until today. After I was informed this, I pushed the wholesaler hard as their was no contingencies and I was pushed for a 10 day close. Now the seller has been admitted into the hospital as of this afternoon and is not answering the wholesaler. He was able to talk to the sister who has conveyed this information and is claiming to talk to her sister tomorrow. Additionally, the contract with the wholesaler is set to expire on Monday the 27th. Should I file suit to make them sell the property? Also, am I able to do this, or does it need to be done by the wholesaler?