Wholesale Seller wants to back out after signing contract.
Hello Everyone, i have read many posts on bigger pockets and i know there are other posts regarding similar situations however mine is slightly different and i would like specific guidance for my current situation. i would like to apologize in advance if i use this forum incorrectly, it is my first time posting. So, without further ado this is the situation i'm in...
I found a seller willing to sell his property for a great price, after explaining in detail how this would all play out we signed a contract and he was happy, the same day that we signed i had a buyer walk through the property with me and he is interested in purchasing asap.
the next day i submitted my EMD and even paid for a title search... then i was contacted by a real estate attorney the seller hired saying i can no longer speak with the seller and that i can only speak directly with her if i need to tell him anything and that they have opened a case with miami dade police department against me(i have no idea why, i have done NOTHING illegal or misleading. i'm doing everything by the book so i believe this is only a scare tactic) they also said i need to sign a cancel and release form to release the seller from the contract. i was not given any reason as to why the seller had this sudden change of heart but i'm going to assume that he got a better offer or a real estate agent (which he mentioned was interested) probably promised to sell for higher and quickly.
I responded to the attorney asking why their client changed their mind. (if it's medical or job loss i would obviously release them with no problem) my email also says their client has signed a legally binding contract and i have already invested time and money into this property and will begin seeking legal advice regarding "Specific Performance" against their client. *I am still awaiting their response to this email*
i spoke to the attorney at my Title company who has advised me that my contract is solid and has all of the key elements to make it a valid contract. i have a buyer waiting for me to clear this up so we can close.
My questions are...
How can i make sure he does not sell to another buyer?
Can i move forward with the closing regardless of the seller trying to back out?
How can i cloud the title to make sure he does not sell to another investor and should i do it?
Should i attempt to sue for "Specific Performance" as the attorney at the title company told me to do?
Should i just collect the EMD from my end buyer and use that to show sellers attorney that we are going through with this?
If it all falls through what do i do about the $200 i've already spent on Title and EMD??
Also, this is taking place in Miami, Florida and i am rather new so i apologize for any rookie questions.
Any other tips would be greatly appreciated. Thank you all very much!