Wholesaler Changing Purchase Price

[Jeremy Anan]

Hello BP - 

Need your input here.

We went under contract on a property in Baltimore about 20 days ago (06-22-2020). The closing date was set for July 17. It is a wholesale deal. Both the owner and wholesaler signed the PSA and the assignment. My purchase price is $56K. Today, the Wholesaler texted me stating the following... "Sir, I spoke with owner. He's looking at stalemating my contract until it expires. Change the deed of the property into a Maryland LLC and accept another offer for $73K. That is what he told me today. Please, please, please, if you can match $73K he will expedite the transfer of the deed in the next week or so and continue with completing this transaction with a closing date in the next 14 days. Please advise and thanks in advance".

BP, I am just looking for suggestions on how to handle this.

Thank you for your input.

[Joseph Cacciapaglia]

This is a situation where I would involve my real estate attorney immediately. Your attorney will be able to tell you if you have a binding and enforceable contract, and what your remedies may be. I'm not sure what the law is in your particular jurisdiction, but in many places it would be possible to sue for specific performance and they would be forced to sell to you. Your attorney should be able to give you a good idea about if this is possible and what it may cost, and if there are other available remedies.