Seller Refuses to Sell ! - Posted by Robby_ATL

Posted by JoeS on February 25, 2002 at 14:35:55:

I could not clearly follow the question, I was in a hurry today. But, anytime you sign a contract with a seller to buy their property it is a legal document. You can file suit against them for what is called “Specific performance of contract” It will cost you to do that, in my state, NY, it would cost me about $2K. But, if I can make 10K what’s a couple of grand? Your suit also puts a cloud on the Title so that no one else can buy it either until the matter is resolved.

Seller Refuses to Sell ! - Posted by Robby_ATL

Posted by Robby_ATL on February 25, 2002 at 08:02:46:

I have a contract with a seller to sell his property to me.

The contract is actually between my buyer and my seller, it was a wholesale deal but the lender needed a seasoned title so we rewrote the contract with a note to my company so I was still in the deal.

Payments are alomost 9 months behind, but has held off foreclosure with a couple of attempts at chapter 13, all denied.

2 days before closing, he says he has changed his mind…I know they don’t have any other offers or any money to solve the problem (per the wife)

Along with the contract, I had them sign a note to my company for 12K.

What is my recourse?

Do I take the hit, lick my wounds, and move along?

File suit against them for breach of contract? or for the note?

Also, what mechanisms can I put in place in the future to eleviate this issue? Performance mortgage? Performance Clause?

Thanks for all the invaluable help I always receive.

Robert
LandQuest Ventures