Need 1.75M tomorrow to keep my Deal
What would you do...
I have had a 40-unit multi family purchase tied up in a purchase agreement since February 9 of this year. It is being financed thru Freddie Mac and we have had a ton of hiccups with property condition (Including ceilings collapsing) but are now through all the hiccups. Brand new city certs on all 4 bldgs.
The seller has signed 4 addendums for additional time. I get their concern. This will literally close in 13 days and the Seller will not sign an addendum past 8/30. Small chance if I pay an additional 50,000 he will extend it. I’m paying 2.1M currently.
What should I do?
My investor/partner is putting up 400k but I don’t think has another 1.75M to bridge it. Who knows if we could even close the deal tomorrow...
Advice?