Seller trying to raise price 20k after signing

10 Replies

Hello,

We are purchasing an off market deal in Ohio, we are in CA, that was found through a wholesaler. We are purchasing above asking price. The contract has been signed and the money was wired 2 weeks ago. We have been waiting for the title. The agent finally heard back from the seller who is now askng 20k more, almost 30% increase, to sign  over title. There were no contingencies in the contract.

In CA this is illegal. Is this legal in Ohio? 

Does anyone know where I can find the official Ohio real estate law on this?

Any suggestons or real estate lawyer recommendations appreciated.  

Thank you!

Hi Tim, yes the money is in an escrow account  and we can recover it but we would prefer to move forward as we have spent a lot of time alread on this property. We have also paid the agent who found us the property  already. 

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Originally posted by @Crystalinda Gonzales:

Hello,

We are purchasing an off market deal in Ohio, we are in CA, that was found through a wholesaler. We are purchasing above asking price. The contract has been signed and the money was wired 2 weeks ago. We have been waiting for the title. The agent finally heard back from the seller who is now askng 20k more, almost 30% increase, to sign  over title. There were no contingencies in the contract.

In CA this is illegal. Is this legal in Ohio? 

Does anyone know where I can find the official Ohio real estate law on this?

Any suggestons or real estate lawyer recommendations appreciated.  

Thank you!

 What is it about the magic 20,000? I had this exact same thing happen this year. There was no Whole Seller involved though. Basically another buyer went and told the seller that he would pay him 20k more than me. I reached out to an attorney that reached out to the title company as well as the seller. I had text from the seller demanding 20,000 more and that he had another buyer. We ended up closing, but it cost me over $1000 extra to have the attorney get involved to let the world know that we were prepared for a fight. 

@Crystalinda Gonzales

Depends on your Purchase and Sale Agreement but typically this would be a breach in contract by the Seller and you could sue for damages and costs incurred.

Your situation happened to me recently. I had my attorney call the Seller and simply explain that we are prepared to enforce the contract. The Seller backed off and we moved forward.

Good luck!