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Updated about 9 years ago on . Most recent reply

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Raimonds Lauzums
  • Real Estate Investor
  • Sheboygan, WI
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Seller sold property to another party. I have a signed contract

Raimonds Lauzums
  • Real Estate Investor
  • Sheboygan, WI
Posted

So I offered 6K on this dump of a house. The seller agreed, I sent in 1K earnest money, I have a signed offer to purchase, with the seller's signatures on it, as well as mine, but I never did end up closing. They kept pushing off closing because of "title issues." Some stuff happened and they kept trying to have me sign a termination of contract or something, which I refused to do so, I just wanted the property. Months go buy, and someone else buys the place. It's been about a year now, I still don't have my earnest money, the place has a for rent sign on it.

What should I do? Getting a lawyer to fight a battle, and having to pay thousands of dollars just for the ability to buy it, doesn't sound that good to me. 

Side note - it was an REO, and their 2nd sale price was about 14K, so I guess they wanted more money. Pretty scummy.

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

There was no breach by the seller. Anyone who thinks otherwise has never done an REO. Not only do you have drop dead dates that would have terminated contract, particularly title issues, their addendum a always give them the unilateral right to cancel, for any,or no, reason. You didn't get your EM back because you didn't sign the release. You have no claim, or damages.

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