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After speaking with a couple of attorneys and getting advice about any cases with precedence we quickly realized that a Lis Roshe Run Jordan
been dealing with this seller for about a month now and he doesn like the closing attorney that we are working with. I agree that the attorny has been making the seller jump through hoops but I trying to get this deal done. To make a long story short, I still have a valid contract but my seller told me that he will now sell the property to another investor. I always looked at it as fighting someone you need to make the deal happen. And I always thought that to be bad for business, in the long run.
The last thing you want to do is make the seller life more stressful than Roshe Run Blue Sky it already is.
The reality is that if we do enough prospecting the fallouts don hurt. Entries are Limited.
Do what you want, but if you have a lot of time and effort in this thing and the seller is simply trying to get out to shop for a higher offer, then I would hold him accountable for the contract he signed. Simple as that.
Third, that established rapport also helps you to avoid your deal being circumvented by another investor. Most of my (buy) deals take anywhere from 5 16 months to process and close. During the process I end up needing a lot from sellers. But in the end they are grateful I was patient enough to work with their problem real estate (their words and viewpoint, not mind) and are amazed I will willing to do so much work to get it done. And I get a great deal I couldn have dreamed of getting on the mls.
Sports teams use contracts and hold their players accountable, corporations enforce their contracts, and everyone else in the business World expects that when a contract is signed that it is fulfilled or else they go to arbitration or litigation. Why??? Because you are in Contract and could not perform as the contract states!!!!
legal route and clouding title is usually NOT the answer. Good luck.
Totally agree with Andrew. As a wholesaler and rehabber for 11 years, I can tell you that the LAST thing you want to do is push your seller into a corner. They can soil your name on and offline, get the state bulldog (Atty. General) on you and/or a whole host of issues you simply don want over one deal.
Second, if the attorney has a lot of requests for my seller, I FIRST see what is it that I can actually do and avoid bothering the seller with. I then take the ones the seller must do on their own and bring them to the seller myself. Every wholesaler should have a well established rapport with their seller. So that when they come to the seller with pain in the butt stuff to do, it comes across better than it would from an impatient attorney or his rushed assistant.
How do I cloud the title
Ibrahim Hughes, We Buy NJ Real Estate LLCWebsite: http://We Buy NJ Real Estate, LLC
And it also calls for the recording of a memorandum of contract. However at the end of the day these tools are really there for the seller who may be on the fence on canceling without cause.
Those who want to cancel I tend to dump into the 80/20 rule and go buy another house.
I am not a lawyer. Nothing here should be construed as legal advice. Next time, use an attorney.
The issue isn whether you right or wrong it is about the highest and best use of your time and energy. I have a clause in my agreement which calls for the seller to pay $50,000 in damages if they fail to honor the agreement to purchase.
The attorney should have been handled differently EARLY on in the deal if you ask me. It soulds like the attorney has been communicating directly with the seller. If so, that may have been mistake 1. First I always get a consumer friendly (as opposed to investor friendly) attorney for my sellers (and buyers, if need be). Someone whose personable and patient.
So Mike, try going back and reviewing your relationship with the seller and how you handled this deal. The key, imo, is to avoid aggravating the seller. Pay them a fee for working with you (especially in the case of someone with a POA and whose not getting paid). Help them out with other non real estate related problems they may be having. Something. But taking the Roshes Men Custom
2. Clouding a title has serious legal ramifications. I recommend getting an experienced real estate attorney to advise you on your specific situation.
1. If you want to cloud the title, then you should got permission at the time the contract was signed. The seller would sign and notarize a Memorandum of Purchase Agreement (or whatever they call it locally) and the escrow agent would record it when opening escrow. You would also sign and notarize a full release to be recorded by the escrow agent upon conclusion of the contract.
I preferred to allow the seller to do what he felt was best for him. And, if the deal fell apart, offering the opportunity to come back and get it done with me. Most of the time, the seller ended up coming back, and we got the deal done. Why? Because most wholesalers out there are clowns, who couldn close a deal if their life depended on it.
I personally think that if you have blood, sweat, and tears in this deal and you know in your heart you can get it done then you have every right to file a notice of contract.
Pendens could not be filed without a lawsuit first being filed. Now, we starting to talk about time and money.
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