Updated almost 11 years ago on . Most recent reply
Seller trying to back out
All,
Any thoughts would be appreciated on the following.
Situation is I am buying a duplex from an out of state seller, He is working though a local realtor who is also the PM. We negotiated a price, a little below his asking and agreed. I put down $1000 in EM. I had the inspection completed ($305), and there were a couple of items found. We discussed and came to an agreement on how we would split the effort/cost. Now his realtor says the seller doesn't feel like selling anymore. He isn't happy with what he agreed to... My suspicion is the realtor/PM talked him out of the deal, so he could keep the property under his PM. We offered to decrease the cost of repairs to the seller, but the agent says he won't go for it, but he hasn't presented it to the seller.
Do I have any recourse? We are out the inspection cost and quite a few hours of effort. I assume they have to return EM... My realtor has done a great job, and of course she is stuck also...
Unhappy in Rochester....
Most Popular Reply
@Alan Diamond If the contract has been approved by his lawyer it is binding. However, it would not likely be worth pursuing. But you could talk with your lawyer about it.
I'd ask for your EM back plus the $305 for inspection. If they refuse, then as for the EM back and consider small claims for the $305. But even that isn't likely worth your time. This is just one of the annoying parts of the business of RE investing.
Good luck!