Posted by John Merchant on June 29, 2011 at 14:57:47:
Your details are a little fuzzy here but looks like YOU are the
defaulting (walkin’) buyer and if so it’d be quite unusual for jilted S to
sue.
The law books are full of reported suits vs. S who refused to close
and sell as per his REC but almost no suits vs the fail-to-close B.
How come? Well now, think about it. Any lawyer would want a healthy
fee to sue that B, right? And since S can just hold his horses and find
another (better?) B it normally doesn’t pencil for S to sue that B.
But since all RE is unique the cheatin’ S who won’t close is sued
because he has the only property the B wants, right? And that B can
only be satisfied with that particular RE.
Wholesale Breach of Contract - Posted by Dan Ahlborn
Posted by Dan Ahlborn on June 28, 2011 at 21:20:14:
I currently have a property under contract and have to close in 2 days. I was to wholesale and my cash buyer isn’t able to close now. Since I bought as is for cash I have no contigencies in the contract. I understand that I will lose my earnest money and I’m causing the breach of contract, there is no other option I have currently that will allow me to close under the current accepted offer (I even attempted to see if they would consider taking less as I had another cash buyer willing to close but at a better price. but they declined that).
I have it listed under my LLC so I should be protected personally but the listing agent is threating to sue if I’m not able to close. Has anyone else ever went through this and was curious if this is more throwing legal threats or is this a real possibility?
Re: Wholesale Breach of Contract - Posted by Jimbo Slice
Posted by Jimbo Slice on June 30, 2011 at 01:03:49:
You could get a partner with some cash and do a JV. Call around private lenders and see if you could get a loan to close on it yourself and sell on MLS later.
You could see if the other buyer you have will buy it at your price, and get out of the way and let them buy it A to C, just to save face.