I contracted the property on Jan 31st with a closing date of March 3. The lien holder's LLC was out of date with the state so we had to wait until it was updated for the lien release to be valid thus had to get an extension for the contract. I assigned the contract to an end buyer.
Now after waiting several weeks for the lien release, the seller wants to back out. They state they never delivered the signed extension to the title company. I do have text messages from her promising that it would be done. Closing is scheduled for 3pm tomorrow. The seller is supposed to call me in an hour.
How much money did you look to make off assignment? How much money and time did you put into the deal? Is this going to ruin your relationship w/ end buyer?
All these things should be taking into account, you are performing on your end of contract and they are not. How would they react if you wanted to back out in the 11th hr.? I would start by saying they are bound by contract and law. If they want out -find out why they want out? Is it because they want to stay - if so come up with a fair price for your troubles for them to pay and tell them you will put a addendum on the property giving you first right of refusal to purchase the property at the previously agreed upon amount for 1year. If they found someone to buy it at a higher price - too bad thay are contracted with you. I have had to do this before.
I agree. I just got off the phone with her and explained almost all of what you described. I ended up adding that we had her money at the title company already waiting for her and what if the other guy backed out on her?
Thus far she has agreed to go ahead and show up at closing tomorrow.
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