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Updated over 2 years ago on . Most recent reply

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100
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51
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Clinton Davis
  • Rental Property Investor
  • Memphis area
51
Votes |
100
Posts

I don't wanna sell my property anymore

Clinton Davis
  • Rental Property Investor
  • Memphis area
Posted

Over the holidays after many calls from these homebuyers wanting to buy one of my rental properties I entertained the idea and signed a contract to sell a property of mine.  One part of the agreement is they want the home to be vacant at closing. These tenants are on a month to month lease and I did inform them that i may be selling the house.  The buyers wanted to do some inspections and had a contractor walk through the property.  After the inspection period they verbally came to me at almost 20k less than what we agreed on in the contract.  I said I was not interested and they eventually agreed to the original price on the contract.  

However, now I am not interested in selling anymore because I do not want to have to make the tenants find another place to live.  They have been there for 10 years. 

I know I signed the contract but I had second thoughts.  I let them know this and now they don't want to let it go.  

I've already told the tenants that I'm not selling the house.  But this homebuyer company seems determined to buy my property.  They said they are too invested in buying it now.  What should I do?  Can I get out of it?  Am I screwed?  What should I do?  Thanks for any advice.

Most Popular Reply

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Tom Gimer
  • DMV
3,446
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3,490
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Tom Gimer
  • DMV
Replied

Ghost the buyer, don't evict the tenants, let the settlement date pass, see what the buyer does. I'm with @Wayne Brooks on this... most people would not go through the expense of trying to force a sale and may even waive the right to do so by their actions/inactions.

The effort to get a $20k reduction was a counter... arguably the deal died at the point it was rejected.

  • Tom Gimer
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Gimer Law
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