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Seller won’t cooperate - Posted by Sam
Posted by Sam on April 22, 2004 at 23:45:26:
I have a contract to buy a multi-unit. Should transfer title/close in a week. I have a buyer ready to go now & the seller won’t let my buyer in until after the closing because the contract says only inspectors. Can I make them let my buyer in by holding that as a condition of the sale going through?
Flipping tougher in real life, no? - Posted by DaveD (WI)
Posted by DaveD (WI) on April 26, 2004 at 13:05:32:
I love it when new guys say “I’m gonna flip some deals to get some quick cash first, then get serious about rehabbing, yada yada.” I can tell when a seminar sweeps though town because I get calls in bunches from time to time from guys wanting to wholesale me stuff.
This flipping stuff is tougher in real life, no? Here is the thing, Sam. Your sellers contract is with you. He couldn’t care less what you will do afterword, including making a profit short or long term. But he does expect you to honor your agreement with him. You need to think these things through so you can accomplish what you need to get done. Dosen’t look like this one is going to go. What did you put up? Hope you learned something. Words have meaning. Structure your future deals so you can have more access, or be prepared to close yourself. Get in control of your deal. Your reputation is at stake.
Re: Seller won’t cooperate - Posted by jasonrei
Posted by jasonrei on April 23, 2004 at 11:53:20:
If it says only “inspectors”, your prospective buyer could be an inspector. Anybody inspecting the property is, technically, an inspector.
If it says something about licensed inspectors, or something like that, then they need to be licensed.
I don’t know if you can legally MAKE them let your buyer in the property. I would stick to the terms of the agreement, though I might broadly define those terms.
Not the sellars problem - Posted by Stan
Posted by Stan on April 23, 2004 at 07:57:23:
I don’t see this being the seller being a harda$$ as much as I see you using a poorly structured contract. If there is nothing in the contract that states that you have the right to enter the premise, then it is well within the seller’s right to ‘not be your tour guide.’ This contract, is it a purchase contract, or is it an option contract? If it is a purchase contract, well, he really does not have an incentive to help you at all. Being you have agreed to buy the property, you have signed a written contract to buy the property. He may could care less if you are trying to sell HIS property at a profit. That may very well be his motivation in this: WHY ARE YOU MAKING A PROFIT AT HIS EXPENSE. Now, mind you, you have every right to make that profit, but it looks to me that you did not take the necessary steps to secure that profit. If there is no clauses to allow you to back out of the agreement, and you try to break the agreement, you may very well be liable for damages tot he seller.
Just curious, where did you get the contract?
Re: Seller won’t cooperate - Posted by gareth
Posted by gareth on April 23, 2004 at 01:05:52:
Are you selling the contract? What is the governing document and what does it say (exactly) concerning this issue?
Re: Seller won’t cooperate - Posted by Brent_IL
Posted by Brent_IL on April 23, 2004 at 24:25:33:
I’d wait the out the week instead of breaching my contract with the seller.
Re: Not the sellars problem - Posted by Chuck Rosenberg
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Re: Seller still won’t cooperate - Posted by Sam
Posted by Sam on April 23, 2004 at 07:31:30:
There isn’t anything in the contract about my selling the property or the contract. The seller is giving me a hard time saying I can do whatever I want soon enough and they aren’t my personal tour guides. They won’t open the door for my buyer! If I lose this buyer what’s my incentive to buy the sellers home ?? How can I back out of this deal if I have to ?
Re: Seller still won’t cooperate - Posted by MikeJ-Fl
Posted by MikeJ-Fl on April 23, 2004 at 09:47:34:
Your incentive to buy the property is that you signed a contract to do so. If you do not, you are in breach, and can be sued by the seller. What contingencies are in the contract? If you don’t have any, then you’re pretty much up the creek. I would suggest picking up a book on contract law relevant to your state and reading it cover to cover before you sign anything else. Not understanding what you are signing is a bad idea.