Posted by Tim Fierro (Tacoma, WA) on February 25, 2002 at 24:37:06:
Mike,
I think the real problem is TIME. You said you only had a week to make everything go your way. Do you have to close by next week, or do you have to give notice next week? I bet it is you have to close by next week. If you got an excellent deal when you put it under contract, you might get something for it if you sell it to a cash buyer who can close in 5 business days; IE: This Friday? or by the following Monday on the 4th.
If it is worth $100k, you bought it for $50k, could you find an investor willing to purchase for $60k right now with cash? I don’t know the values you are working with. If there is not enough profit for a cash buyer in 5 days, then you will need to start lining up a place to move to.
I don’t think the owner is interested in having you sell the place, but you could ask. The owner has already told you they are not interested in extending the contract, so they might have other plans for the property that don’t include you. Remember, they already gave you a year, and that didn’t work; credibility is not going to be a tool in your drawer.