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Tax, SDIRAs & Cost Segregation

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Rachel Degennaro
  • Rental Property Investor
  • Las Vegas, NV
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21
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Seller backed out at closing!

Rachel Degennaro
  • Rental Property Investor
  • Las Vegas, NV
Posted Apr 20 2018, 17:52

I was in the process of buying what I was led to believe (by seller and listing agent) was a triplex, the top 2 units were rented and the bottom one was vacant, so I was going to live in bottom and continue renting the top 2. Seller accepted my offer and I went through the inspection, mortgage, appraisal, EVERYTHING

(found out during the appraisal that the 3rd floor kitchen was never permitted so it could only be a 2 unit) so they had to remove the kitchen and tenant (tenant had not paid rent for past 2 months so he was trying to pawn her off on me, found that out during this as well)

I had asked multiple times (When I put the offer in, during the inspection, a few weeks later and again last week for proof of rents paid and security deposit, estoppel, ECT and was told repeatedly they'd give me that info asap and never got anything except a poorly filled out estopple)

and on the DAY OF CLOSING (today) we are all waiting on seller and his agent and after they were 15 mins late, we call the sellers agent and ask how much longer til they arrive and he says they're not coming the seller doesn't want to sell. 

I've already moved out of my rental and was staying with a friend for a few days til closing and now that's not happening. I am so upset, I've saved for years to do something like this, and now he just backs out because he didn't line up a place for himself to go and said he didn't know he had a second mortgage and wasn't going to be making as much money as he thought he would.

I am going to sue him for damages, has anyone else ever gone through something like This? I can't believe this is happening.

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