All Forum Posts by: John De angelis
John De angelis has started 1 posts and replied 7 times.
Post: Want to cancel a Contract to sell a four familiy in New Jersey
- Investor
- Toms River, NJ
- Posts 7
- Votes 0
Originally posted by @John Cohen:
why do you think you cut yourself a bad deal? An attorney would need to look at the contract to see what the damages could be.
John
I ended with open ended liability on city and state inspections which have since cost me 20,000.00 and obviously improved the property from what I believe was a "as is" sale. After this investment and the way the property cash flows I feel it was a bad deal due t wording in the contract.
Anyway knowing it is not cheap to break a contract I most likely will commit to transaction reluctantly.
Thanks for your advice
Post: Want to cancel a Contract to sell a four familiy in New Jersey
- Investor
- Toms River, NJ
- Posts 7
- Votes 0
Originally posted by @Michael Noto:
@John De angelis Contact your lawyer. Anyone on here who is not a lawyer in NJ will just be speculating and in general know one knows the details of the specifics of the contract you entered into except the parties involved.
Thanks for your advice.
Post: Want to cancel a Contract to sell a four familiy in New Jersey
- Investor
- Toms River, NJ
- Posts 7
- Votes 0
Originally posted by @Stephen Bell:
Stephen,
Though i most likely will move on I recognize to cancel it would not be cheap but frankly the contract i signed off on made me put a extra 15k into the place which i never planned on doing. It was always a "as is" deal but somehow for State inspections that got screwed up. Building now is worth about 5 to 8% more which would cover any loss i would need to pay.
Post: Want to cancel a Contract to sell a four familiy in New Jersey
- Investor
- Toms River, NJ
- Posts 7
- Votes 0
Originally posted by @Larry K.:
I'll second what others are saying. Your atty can give the best guidance. The term I recall is "specific performance"
Thank you. I am aware of that quote and know my options. Most likely will let it go and move on.
Post: Want to cancel a Contract to sell a four familiy in New Jersey
- Investor
- Toms River, NJ
- Posts 7
- Votes 0
Thanks for your thoughts Jon. I know I let a good deal go for too cheap but may bite the bullet and move on.
Post: Want to cancel a Contract to sell a four familiy in New Jersey
- Investor
- Toms River, NJ
- Posts 7
- Votes 0
Originally posted by @Jon Klaus:
it's common to have second thoughts. Think about the reasons you wanted to sell in the first place. Are they still valid?
You can try to negotiate with the buyer. Perhaps they'd take a reasonable settlement to cancel the contract.
Post: Want to cancel a Contract to sell a four familiy in New Jersey
- Investor
- Toms River, NJ
- Posts 7
- Votes 0
I went into contract on a four family property about a month ago with a scheduled close this week.
As a seller I have been struggling with this contract, since I had never sold a multifamily and quite frankly cut myself a bad deal for different reasons.
I recognize I can be challenged for breach of contract.
My question is as follows:
What are my realistic damages, as a seller, in the state of New Jersey for not fulfilling the contract sale of this property?