A real estate buyer fights back after a seller stalls on a $4.125 M deal, hoping to sell the same property for $4.75 M instead. The speaker outlines two moves: draft a new contract the moment the current one expires, or get a court injunction to block the seller from marketing to other buyers.
Chapters
Go down to the bottom. Basically what it discovered was that in the situation I'm in, what it is, we've got two buyers on one contract. The other buyer is MIA. So we have to remove the other buyer so that we can close on the property. And what we're having an issue with is that the seller and the seller's lawyer know that the property can sell for way more than we're buying. And so what they're trying to do is dogleg us all the way to the end of the contract and then say, oops, you're out of contract and then sell it to somebody else. Is he probably already have a backup. Like I said, it's on LoopNet at $4.75 million. We're buying it for $4.125 million plus closing costs. So long story short, if I told him, I said, if we have to wait to the end to let that contract go void and then initiate a new contract, I want that contract signed right now. Right. And I want it to go live 36 seconds after midnight when this one goes dead. Otherwise I've got to take this seller and the title company and their lawyer to court. And it's called a— it's not a restraining order, but it's a— it ties it up so they can't do anything. It basically ties it up so they can't do anything until we get it all sorted out. But it's kind of a restraining order stopping them from doing anything. They're not allowed to show it or move forward with anybody else.
