All Forum Posts by: Sol Silverstein
Sol Silverstein has started 4 posts and replied 30 times.
Post: Buyer wants to back out of contract right before closing.
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
Quote from @Tom Gimer:
Quote from @Russell Brazil:
Quote from @Sol Silverstein:
Quote from @Justin Brickman:
Quote from @Sol Silverstein:
Hi everyone. looking for advise, i am in contract to sell a multifamily property in upstate NY (Albany/Troy NY area). the buyer wants to back out right before closing after months of pushing up closing time.... he got already a clear to close from his lander but for whatever reason he decided he wants to back out of the contract. there is no contingency to the contract. Any advise would ba appreciated
Is there earnest money down? You should be able to keep it without any issues. You can also sue for performance but that’s a tough road to go down.
Buyer never sent the EMD (he promised so many times to send it but never did)....... & he is a licensed real estate agent too
Tell him to close, or youll be filing an ethics and commission complaint against him. Non deposit of the EMD is a serious offense for a licensee. He would at the very least have his license suspended if not revoked.
Would you file an ethics complaint against a co-member of your association if he/she "breached" a contract while acting as a principal and having properly disclosed that and licensee status in the agreement? Probably requires a much finer review.
I saw one the other day that didn't require the EMD be deposited until after partner approval. Some are cash in hand with no cash given. These are pitiful of course but the seller agreed.
i do not understand what do mean ?
Post: Buyer wants to back out of contract right before closing.
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
Quote from @Russell Brazil:
Quote from @Sol Silverstein:
Quote from @Justin Brickman:
Quote from @Sol Silverstein:
Hi everyone. looking for advise, i am in contract to sell a multifamily property in upstate NY (Albany/Troy NY area). the buyer wants to back out right before closing after months of pushing up closing time.... he got already a clear to close from his lander but for whatever reason he decided he wants to back out of the contract. there is no contingency to the contract. Any advise would ba appreciated
Is there earnest money down? You should be able to keep it without any issues. You can also sue for performance but that’s a tough road to go down.
Buyer never sent the EMD (he promised so many times to send it but never did)....... & he is a licensed real estate agent too
Tell him to close, or youll be filing an ethics and commission complaint against him. Non deposit of the EMD is a serious offense for a licensee. He would at the very least have his license suspended if not revoked.
Yes @Russell Brazil thats what i am going to do....
Post: Buyer wants to back out of contract right before closing.
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
Quote from @Hersh Shah:
@Sol Silverstein that is unfortunate.
All states are different when it comes to real estate licensing law. I suggest reaching out to the broker in charge and letting them know what happened. He may be liable either way but if he didn't get it to you now, it's gonna be a tough path forward. Broker may be able to help through E&O insurance.
Thank you @Hersh Shah i will reach out to them.
Post: Buyer wants to back out of contract right before closing.
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
Post: Buyer wants to back out of contract right before closing.
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
Quote from @Justin Brickman:
Quote from @Sol Silverstein:
Hi everyone. looking for advise, i am in contract to sell a multifamily property in upstate NY (Albany/Troy NY area). the buyer wants to back out right before closing after months of pushing up closing time.... he got already a clear to close from his lander but for whatever reason he decided he wants to back out of the contract. there is no contingency to the contract. Any advise would ba appreciated
Is there earnest money down? You should be able to keep it without any issues. You can also sue for performance but that’s a tough road to go down.
Buyer never sent the EMD (he promised so many times to send it but never did)....... & he is a licensed real estate agent too
Post: Buyer wants to back out of contract right before closing.
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
i forgot to mention the buyer is a licensed real estate agent
Post: Buyer wants to back out of contract right before closing.
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
Hi everyone. looking for advise, i am in contract to sell a multifamily property in upstate NY (Albany/Troy NY area). the buyer wants to back out right before closing after months of pushing up closing time.... he got already a clear to close from his lander but for whatever reason he decided he wants to back out of the contract. there is no contingency to the contract. Any advise would ba appreciated
Post: Lansingburgh area of Troy NY
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
@Matt Whitermore i wish you great luck on starting at a new location.
Lansinburgh is a big location with some good spots (as far as REI) & very rough spots. you really have to get familiar with the area. its a block by block case.
there is investors who are making NICE money out there & there is investors they are loosing money out there... like in so kind locations.
do your DD but in my experience don't get afraid even from google searches on a block. its always changing.
feel free to PM me if you want to discuss more
Post: Lansingburgh area of Troy NY
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
@Matt Whitermore i wish you great luck on starting at a new location.
Lansinburgh is a big location with some good spots (as far as REI) & very rough spots. you really have to get familiar with the area. its a block by block case.
there is investors who are making NICE money out there & there is investors they are loosing money out there... like in so kind locations.
do your DD & but in my experience. don't get afraid from even from google searches on a block. its always changing.
feel free to PM me if you want to discuss more
Post: Killing it by turning crack dens into safe housing
- Rental Property Investor
- Albany/Troy, NY
- Posts 38
- Votes 4
@John Hickey sent you a pm