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Posted: 2/19/2018 1:13:39 PM EDT
[#1]
Quote HistoryQuoted:
All depends on perceived value of loss in this case - not worth it for $5k - but what's value of the building to the buyer. Keep in mind judgment does not guarantee collection. Beyond contracts, you have reputation and in cases where RE professionals rep, ethics complaints and licensing actions. Always ways to scuttle contracts, but here's reprocussions. In this case, if the seller had any thought of repudiation - he'd been smarter not to create a reason for his non-performance. Obviously since the seller contacted the buyer, he at least feels compelled to perform at some level. Otherwise he'd just sold to other party and let tthe chips fall. If there's a valid contract, imagine the seller will close. |
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Posted: 2/19/2018 1:17:40 PM EDT
[#2]
Purchase price is 42k, they offer you 5k to drop deal.
Drop deal, find new building, put the 5k down on new building, lower your monthly payments. |
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Posted: 2/19/2018 1:27:59 PM EDT
[#3]
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Take the money..There is nothing that says the Seller cant bail on the closing. Everyone keeps posting to buy it. Guarantee, seller will not be selling to OP..Might as well get 5 k for the troubles. Make sure that 5k is on top of your 1k you already put out. I don’t think you are going to get the building, might as well get paid. |
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Posted: 2/19/2018 1:28:13 PM EDT
[#4]
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Kinda my point, buyer isnt going to own that property, might as well make it as good as you can. Only way I can see OP buying it is putting legal pressure on seller if he gets flaky about it, but im sure there are cases where sellers and buyers have walked at the closing table. Quote HistoryQuoted:
Quoted:
All depends on perceived value of loss in this case - not worth it for $5k - but what's value of the building to the buyer. Keep in mind judgment does not guarantee collection. Beyond contracts, you have reputation and in cases where RE professionals rep, ethics complaints and licensing actions. Always ways to scuttle contracts, but here's reprocussions. In this case, if the seller had any thought of repudiation - he'd been smarter not to create a reason for his non-performance. Obviously since the seller contacted the buyer, he at least feels compelled to perform at some level. Otherwise he'd just sold to other party and let tthe chips fall. If there's a valid contract, imagine the seller will close. But that's an issue here - large sums allow for and motivate many options. $42k, your options are limited economically - emotionally or principled, just by your bank account. Ill point out again, if the seller had any thought of repudiation - he'd have just sold to the other buyer, or should have. |
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Posted: 2/19/2018 2:16:02 PM EDT
[#5]
I have had this kind of offer on ag land deal. He got much better offer. Someone needs it more then you do. With such a low purchase price and such a high offer to make you go away. I would think hard about taking it, unless you really need this spot. Yes you have a contract, but he can also make it hard for you to close he wants to too.
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Posted: 2/19/2018 2:25:47 PM EDT
[#6]
Quote HistoryQuoted:
Take the money..There is nothing that says the Seller cant bail on the closing. Everyone keeps posting to buy it. Guarantee, seller will not be selling to OP..Might as well get 5 k for the troubles. Make sure that 5k is on top of your 1k you already put out. If this was a 500k deal, may be worth sticking to it. |
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Posted: 2/19/2018 2:34:56 PM EDT
[#7]
Are there similar properties in that area?
Has the $42k property been listed long? If you can get $5000 plus good faith money back, and there are other properties available, I would take the money. If nothing else is available, tell them you intend to purchase. |
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Posted: 2/19/2018 2:41:01 PM EDT
[#8]
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Take the property. You already know it's worth more than you are paying so it's a good buy. 
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Posted: 2/19/2018 3:32:13 PM EDT
[#9]
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People don't offer money unless they got a much better deal Stick with your 10K offer... |
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Posted: 2/19/2018 7:51:11 PM EDT
[#10]
sorry i havent checked in been at work all day
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Posted: 2/19/2018 8:18:29 PM EDT
[#11]
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Pics of building? 
inside the shop area 
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Posted: 2/19/2018 8:26:40 PM EDT
[#12]
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42k for 5,000sqft? Whats the lot size? Fuck, I want 3 of them. parking lot fenced in front and back and bordered by next building |
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Posted: 2/19/2018 8:31:23 PM EDT
[#13]
Grandpa always said.... when someone hands you money, take it!
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Posted: 2/19/2018 8:31:38 PM EDT
[#14]
Quote HistoryQuoted:
Yep. I would have already picked up that check. Quote HistoryQuoted:
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Unless the building was a steal at the price or the perfect location for your business, why would you pass on an instant 12% profit? seller texted today that paperwork has been submitted to the attorney and will be available for review on thursday then to setup to close after that. the seller is a standup gentleman and has been in business for a long time i this area im not totally sure what was going on with this whole ordeal - just trying to figure it out the building is not in tip top shape - it needs some attention a week ago the seller was contacting me trying to get me to commit then all this happens im just not sure what to make of it |
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Posted: 2/19/2018 8:32:07 PM EDT
[#15]
Quote HistoryQuoted:
Take the money..There is nothing that says the Seller cant bail on the closing. Everyone keeps posting to buy it. Guarantee, seller will not be selling to OP..Might as well get 5 k for the troubles. Make sure that 5k is on top of your 1k you already put out. |
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Posted: 2/19/2018 8:33:41 PM EDT
[#16]
Quote HistoryQuoted: Kinda my point, buyer isnt going to own that property, might as well make it as good as you can. Only way I can see OP buying it is putting legal pressure on seller if he gets flaky about it, but im sure there are cases where sellers and buyers have walked at the closing table. |
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Posted: 2/19/2018 8:36:04 PM EDT
[#17]
Quote HistoryQuoted:
i was nudged into this for a reason - it wouldnt be the right thing to do for me to try to profit by backing out Quote HistoryQuoted:
Quoted:
Quoted:
Unless the building was a steal at the price or the perfect location for your business, why would you pass on an instant 12% profit? |
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Posted: 2/19/2018 8:39:58 PM EDT
[#18]
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Could be a min plus parcel with a pole building, electric only, in a very rural area. There's a reason it's trading at the price, Maybe the OP will fill us in. Quote HistoryQuoted:
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42k for 5,000sqft? Whats the lot size? Fuck, I want 3 of them. Maybe the OP will fill us in.
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Posted: 2/19/2018 8:42:40 PM EDT
[#19]
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There is no right. Business is business. If you love the place buy it and don't worry. If your contract is for around market value and you don't really care I'd take the cash. a certain someone would be very disappointed if i took the money and walked i do love the building and cant wait to get things moving |
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Posted: 2/19/2018 8:43:42 PM EDT
[#20]
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i understand what you mean about the business- however there is some "right" involved here a certain someone would be very disappointed if i took the money and walked i do love the building and cant wait to get things moving Quote HistoryQuoted:
Quoted:
There is no right. Business is business. If you love the place buy it and don't worry. If your contract is for around market value and you don't really care I'd take the cash. a certain someone would be very disappointed if i took the money and walked i do love the building and cant wait to get things moving |
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Posted: 2/19/2018 10:15:20 PM EDT
[#21]
Quote HistoryQuoted: Stop posting this. It’s incorrect. You can absolutely force the seller to sell his property. It’s really hard to force a buyer to buy something but not hard to force a seller to sell. I hope it works out for you OP,,,please keep us posted. HOpe ya get it, seems you really like it.. |
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Posted: 2/19/2018 10:20:07 PM EDT
[#22]
Thats tough ground to come by - keep it.
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Posted: 2/19/2018 10:23:03 PM EDT
[#23]
Maybe a developer or a company like Walmart is trying to buy an area of land together?
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Posted: 2/19/2018 10:25:39 PM EDT
[#24]
Quote HistoryQuoted:
English not your first language? You have to go back. 
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Posted: 2/19/2018 10:43:52 PM EDT
[#25]
What are you gonna put in there? Do you have an expanding business or a personal shop/man-cave?
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Posted: 2/19/2018 10:47:13 PM EDT
[#26]
Quote HistoryQuoted:
We'll see... I hope it works out for you OP,,,please keep us posted. HOpe ya get it, seems you really like it.. Quote HistoryQuoted:
Quoted: Stop posting this. It's incorrect. You can absolutely force the seller to sell his property. It's really hard to force a buyer to buy something but not hard to force a seller to sell. I hope it works out for you OP,,,please keep us posted. HOpe ya get it, seems you really like it.. But as the OP stated, the seller intends make good. That was my impression stated above - he did the right thing by offering an option. A very poor decision if he'd hope to sell to the other buyer without regard to the contract. I'd love to know what you can do as a seller to make it impossible to close, because I've been involved in a lot of deals, and I'm having a hard time coming up with something that would withstand even light scrutiny of a judge. |
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Posted: 2/19/2018 11:00:57 PM EDT
[#27]
Quote HistoryQuoted:
What are you gonna put in there? Do you have an expanding business or a personal shop/man-cave? 
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Posted: 2/19/2018 11:06:39 PM EDT
[#28]
Are you using a real estate agent? I'm guessing they'll still want their commission.
My buddy had something similar happen when he was selling his house. Guy tried to pay him enough to back out on the deal he had with the original buyer. Was going to give them each some $$$. problem was the commission owed to the agents. |
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Posted: 2/20/2018 8:04:16 AM EDT
[#29]
Quote HistoryQuoted:
Are you using a real estate agent? I'm guessing they'll still want their commission. My buddy had something similar happen when he was selling his house. Guy tried to pay him enough to back out on the deal he had with the original buyer. Was going to give them each some $$$. problem was the commission owed to the agents. So your friend (homeowner) got a higher offer after contract. the buyer who just showed up was willing to pay the homeowner to back out of the contract. Homeowner was going to pay the contracted buyer to walk, and the new buyer would buy at the same price? There would only be commission on the sale. Was issue the homeowner didn't want to pay commission on the sale? There'd only be commission on one transaction. Sounds like, and correct me, the homeowner wanted to avoid paying commission at all. There's a simple way to avoid this - don't engage an agent. |
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Posted: 2/20/2018 1:27:35 PM EDT
[#30]
Quote HistoryQuoted:
From a legal point he is absolutely right From a practical standpoint,, sometimes you find out how expensive it is to prove you're legally right. But as the OP stated, the seller intends make good. That was my impression stated above - he did the right thing by offering an option. A very poor decision if he'd hope to sell to the other buyer without regard to the contract. I'd love to know what you can do as a seller to make it impossible to close, because I've been involved in a lot of deals, and I'm having a hard time coming up with something that would withstand even light scrutiny of a judge. If you are in a state that you have to report the purchase price you might consider recording the sale contract or a memorandum with the county as well. |
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Posted: 2/20/2018 2:21:02 PM EDT
[#31]
Quote HistoryQuoted:
Its not expensive.... the one time i had a seller try to back out, i made sure to show up to closing and document it. When the seller didnt show up i had a lis pendens filed and had a demand letter sent to the seller. I told him to follow through with the contract or id sue for performance and for court costs. He ended up selling it to me without going to court with the stipulation that he didnt have to pay for my attorney. All in all it cost me about $1k. The seller isnt in a winnable position and once you file a lis pendens they cant really sell it to anyone else until its resolved. A title company wont insure it, a lender wont lend on it, and any purchaser with half a brain isnt going to buy it with the title being challenged. If you are in a state that you have to report the purchase price you might consider recording the sale contract or a memorandum with the county as well. Quote HistoryQuoted:
Quoted:
From a legal point he is absolutely right From a practical standpoint,, sometimes you find out how expensive it is to prove you're legally right. But as the OP stated, the seller intends make good. That was my impression stated above - he did the right thing by offering an option. A very poor decision if he'd hope to sell to the other buyer without regard to the contract. I'd love to know what you can do as a seller to make it impossible to close, because I've been involved in a lot of deals, and I'm having a hard time coming up with something that would withstand even light scrutiny of a judge. If you are in a state that you have to report the purchase price you might consider recording the sale contract or a memorandum with the county as well. The expense comment was a reflexive general maxim - youre probably right in a simple case like this. My gigs are almost always more involved. Hell I had a Phase 2 roll up at almost the cost of OPs property. AI think we're the few that realized OPmhad little to concern him, but hey it's GD |
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Posted: 2/20/2018 7:26:48 PM EDT
[#32]
thanks for the replies i really appreciate them. i've never bought any property before i have only rented so this is all new to me.
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Posted: 2/20/2018 7:32:09 PM EDT
[#33]
Quote HistoryQuoted:
thanks for the replies i really appreciate them. i've never bought any property before i have only rented so this is all new to me. |
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Posted: 2/21/2018 8:48:03 PM EDT
[#34]
Quote HistoryQuoted: While this isnt multi million dollar deal, make sure you read the contracts, understand them and do your do diligence. You already know the seller wants to back out, dont give them any cause or reason to if your wanting to buy the property... at the end of the agreement there are 4 parcels listed, one of which was not supposed to be there. i texted the seller to let him know he needs to call the attorney tomorrow to have it fixed. im a little bit nervous about the whole thing now, could this be some kind of ruse or fishy bs going on? the parcel in question is a whole other property with buildings and was never mentioned by the seller to be included. could the attorney really have made this blatant of a mistake or are they trying to give me the business somehow? |
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Posted: 2/21/2018 9:04:01 PM EDT
[#35]
dunno, but stay up on it, they could be playing fuck fuck games or honest mistake,
thanks for updates, these are how others can learn |
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Posted: 2/21/2018 9:32:29 PM EDT
[#36]
Interesting, let us know how it goes.
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Posted: 2/21/2018 9:34:25 PM EDT
[#37]
Sign it and sell it back to him for $10k
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Posted: 2/21/2018 9:56:14 PM EDT
[#38]
Wouldn't hurt to run everything by a real estate attorney.
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