Owner signed contract now want more money

[Paul Johnson]

I'm in the process to purchase a 6 unit building. The owner signed the contract and i took contract to Title company with my $1,00.00 down payment. We got the estimated settlement statement and the owner wants to back out of deal because he is not making the amount of profit that he wants because of the fee's he has to pay as part of the contract. I have no back out penalty in contract.

[Paul Johnson]

Thanks everyone for the input the advice was great but we came up with a solution.  I will pay the closing cost which the title company (that I use all the time) will give me a $300.00 discount, so my added cost will be about $1,500.00            Its a good deal for cash flow in my retirement years (Im 62) But its mainly for my children's children when i pass. I signed up with Bigger Pockets 5 years ago and through learning from you guys today i have 17 doors today plus this 6            Thanks everyone again and Bigger Pockets.