Pre-foreclosure Question-the Seller Wants To Back Out
I'm looking for some insight on the following: I located a preforeclosure. the seller signed a contract with me. all the work has been done, we are ready to close. the seller tells me at the 11th hour that he wants to get out of his contract-his father in-law wants the contract assigned to him. can anyone give me some ideas on what could happen here? if i don't back out, what games could the seller play to make my life miserable? Although I have the right to force him to close through an action for specifc performance, there is not alot of time between now and the auction. what if the property goes to sale? any insight on a situation like this? :-?
If someone wants out we almost always let them go. To much potential of a nightmare www.later.I will always tell them I need X amount for time and paperwork. Usually this is not a problem. Sounds like you did some paper work already. Give a bit more details so we have a better understanding.
Best to you,
Sire
Sounds like an excellent opportunity for you to make some dollars with little to no risk.
Assign the contract to the father in law, for a fee. A significant fee. After all, you did all the work negotiating with the seller and now he's trying to back out to give a deal to his FIL...
Who was paying the back payments to the bank? Has this already been done?
Bryan
no payments have been made to the bank. an action had already been filed and the payoff would have been at closing. I told them i wanted $25,000 to assign the contract. is this reasonable?
Let his father-in-law have the contract,its not worth the hassle. If the house goes to sale buy it then,you will probably get it cheaper. :cry:
$25,000 - if that makes it a bad deal for the father-in-law then that's too high a number....don't try to force them to do anything. Just take some $$$ consideration for your time and back out...