My properties are under assignment contract and no earnest money
I recently put 5 properties under contract with 1 seller using a P&S agreement. Linked up with an out of state buyer that said he wanted all of them. He never saw inside and didnt seem too interested with numbers. He claimed to also have access to transactional funding and he was going to use his transactional funding co to close the deal.
Oddly, he asked if I would help him find buyers after he purchased. (First red flag). He is my C buyer. WTH. I sent over the assignment contracts with each one having a $1000 nonrefundable deposit. He signed them all. However, its been 10 days and he's making excuses and has yet to put up any cash. The title co lawyer is saying since I did not put a contingency or clause on the date I needed to receive the deposit, the date would revert back to the original P&S contract with the seller. This means Im locked in contract with this sleezebag for 17 more days as the original P&S contract goes until Feb 15.
He claims he changed his mind and wants to purchase in a land trust and is waiting on his attorney. Its been 10 days since he signed the original contract and he is dragging his feet and has not submitted any deposit and is no longer prompt with returning calls or clear with information. I told him he could just move forward as and individual purchase and stop holding this process up and figure out the land trust on his own. Is there any way I can null and void this contract as I have buyers with real cash in hand that arent here just to lock my contracts up to find their own end buyer? How can I get out of this?