Seller All of a Sudden Cannot Afford Pending Assessments
I have been working on buying a condemned duplex for quite some time now.
I've gotten bids from general contractors, a structural engineer's report, etc
Everything is set for closing, the lender is ready, I am ready, all the paperwork is complete.
Then, today, I got a call from my real estate agent saying that the seller did not know about a $7,000 pending assessment (vacant building fee) and won't be able to pay, meaning this duplex will not close. I knew about this assessment at the very beginning of the deal and made sure it was included as part of closing that the seller would pay for all assessments and the pending assessment.
This duplex has been vacant since 2013. The seller has accumulated at least $30,000 in assessments and tax delinquencies. They will need to bring cash to closing on this deal, they are underwater. They even have a mortgage on the property still.
Why all of a sudden is a $7,000 pending assessment holding up the show? Are they just trying to get more money out of me? The seller is comprised of 4 people (two couples). I looked up their homes and one couple has a $350k home and the other somewhere around $150k.
Are they bluffing? There's no way I am willing to pay for a $7,000 pending assessment, it has been agreed that the seller will pay all assessments and pending assessments. That was the deal.
I do want to close on this deal, what can I do? I already asked the city if they can waive the pending assessment and they cannot.
Frustrating! Five days to closing!