Posted by Kristine-CA on May 24, 2005 at 23:56:39:
You backed out of a contract to sell for more to another buyer and you
needed a negotiation tactic? What’s that about? How about: Ms.
Buyer, I’ve changed my mind about selling to you cause I can make
more money selling to somebody else. Would you take $500 (or
whatever) to walk from the deal.
You wasted her time and effort. IMO, she should be compensated–
has nothing to do with the cost of the appraisal.
Stop and think about it–and think if you’d like to be treated like you
are treating her. I know I wouldn’t. Kristine
Furthermore, defrauding the woman of 11K dollars isn’t enough for you. No, you have to complain about the small sum of 500 dollars to buy her off. Unbelievable! You really should split the 11K profit with her. Just send her a check. I wouldn’t be able to sleep at night if I were you.
You make all REIs look bad. Shame on you. You should have honored your original contract. Is your location in NY an excuse for all the evil you do? Excuse me while I barf.
You got a cash offer that will make you $2000 MORE, and for $500 out of your pocket you can sell to the higher offer and still clear $1500 more, get rid of this buyer you claimed you found out she was wanting to fraud her lender and be done with her…what are you waiting for??? Get over there RIGHT NOW and get her to sign a release, give her $500 back plus the $500 she wants and move on!!! QUICK! Before she decides she wants a lot more! You can’t steal in slow motion!!!
I agree with Kristine. You wanted to back out and not her. If I were her you certainly would pay me for my time effort and energy or I’s sue for specific performance…and…you would probably be foreced to sell.
LIke the old saying goes, “If you dance to the music…sooner or later you gotta’ help pay the fiddler.” The time has come…pay up and move on.
Re: Seller Backing out of Contract — What Form ? - Posted by Kristine-CA
Posted by Kristine-CA on May 24, 2005 at 12:26:02:
Kevin: I know of no particular form needed here. Did you have a
purchase contract in the first place. How about a cancellation of that
contract? If not, it looks like you need some kind of new agreement.
I’m not a lawyer, but if it were me I’d write a simple contract stating
what the new agreement is.
I’m curious about your concern about the appraisal cost. What does
it matter to you what the buyer spent on the appraisal? I’m assuming
she is not in breach of contract. You said that you wanted to cancel
the contract, not her. Therefore, she owes you no explanation of her
costs and can ask for whatever amount she wants to rescind the deal.
And then of course, you are free to negotiate. If I were her, I’d
probably ask for more than 1K to walk away from a deal where the
seller changes their mind–especially if I thought the seller had
another buyer. If I were you, I’d be willing to pay whatever makes
sense for you to cancel the deal–not worrying about the cost of the
buyer’s appraisal. Are you cancelling because you have a better offer?
haha…dammn johnboy, you remember everything you read dontcha?
I definately wanted to get rid of her today - I was just asking what FORM I need to get her to sign???
I ended up typing up a neat looking “affidavit to rescind contract” with funky lawyer lingo in there.
By the way, I offered her $300 bucks and she agreed.
I typed up something that said she agrees to forfeit all rights whatsoever in the property and hold me, my LLC, my seller completely harmless of future liability.
I got this document Notarized and gave her a personal check for her deposit + 300 bucks.
yes, i had a contract with her (for a property that I myself had a contract on with the original seller)
i ended up typing up a agreemtn to cancel her interest in the property and had it notarized
As for appraisal cost, I just wanted to use it as a negotiation tactic with her… to let her know that hey, you really ddidnt spend 350, you spend 275 and im giving you more than 275.
I ended up coming out of pocket $300 to get rid of her.
I will be making $11,000 on the deal - closing thursday, yippeeee
Please forgive me for interjecting here, but I need a little guidance in a similar situation.
A seller said she’s ready to sell, but she informed me she already has a contract assigned for 60 day since April or so.
Can I sign her to another contract and settle quick, my ducks already lined up?? My buyer has the cash NOW.
Can I do this legally? Do I need forms, paticular language too?? Can the other contract assignee person sue us or can they sue anyone??
and
3. Does this comes down to a moral/ethical issue? Being from NYC, I learned it’s a dog eat dog business, you snooze, YOU LOOSE. BUT I never accepted it, SHOULD I?
I could really use the cash, this is my first wholesale/flip…