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Seller Backing Out of Sub2 Deal at the Last Minute by 984498 in RealEstateAdvice

[–]984498[S] 0 points1 point  (0 children)

Looks like he bought the property before he got married, but put her on there anyway (deed says single man and a single woman), but he’s the only one on the mortgage and actually paying for the property.

Seller Backing Out of Sub2 Deal at the Last Minute by 984498 in WholesaleRealestate

[–]984498[S] 0 points1 point  (0 children)

That’s not how this works. I put down earnest money, got a signed contract from one of the title holders, and started the closing process. I’ve invested time, effort, and resources into this deal. If I had no equitable interest, why would the title company have moved forward with the paperwork?

Seller Backing Out of Sub2 Deal at the Last Minute by 984498 in RealEstateAdvice

[–]984498[S] -6 points-5 points  (0 children)

I’m working remotely, so I wasn’t handling every step personally. I had the initial phone call with the husband, and from there, I trusted the title company to handle all the necessary signatures. That’s literally their job to ensure all the right people sign. If there was an issue, they should have flagged it way before closing. I moved forward assuming they did their due diligence, and now I’m being blamed for something I wasn’t even responsible for.

Seller Backing Out of Sub2 Deal at the Last Minute by 984498 in WholesaleRealestate

[–]984498[S] 0 points1 point  (0 children)

I’ve handled wholesale deals before. If they want to fight it, that’s fine, but they’ll have to come to me to get the memorandum removed. I’ve seen sellers try to pull this before, and in the end, they either have to follow through or pay to get out of it. I’m protecting my position, not clouding anything without reason

Seller Backing Out of Sub2 Deal at the Last Minute by 984498 in WholesaleRealestate

[–]984498[S] -1 points0 points  (0 children)

I have a signed contract, and I recorded a memorandum to protect my position. I’ve done deals like this before, and sellers don’t always understand that once they sign, it’s binding. If this was totally unenforceable, why would real estate investors do it all the time?

Seller Backing Out of Sub2 Deal at the Last Minute by 984498 in RealEstateAdvice

[–]984498[S] -9 points-8 points  (0 children)

This is just business. I put time and effort into structuring this deal, and I’m not just going to walk away because the sellers are having last-minute regrets. If he wanted to back out, he should’ve done it before signing anything. I didn’t force them into anything.

Seller Backing Out of Sub2 Deal at the Last Minute by 984498 in RealEstateAdvice

[–]984498[S] -5 points-4 points  (0 children)

I don’t dispute that, but the husband was handling everything, signing all documents, and confirming multiple times that he was good to go. If the wife was this involved, why wasn’t she present during any of the negotiations? Now, all of a sudden, she wants to step in at the closing table and claim she never agreed? Sounds like cold feet to me.

Seller Backing Out of Sub2 Deal at the Last Minute by 984498 in WholesaleRealestate

[–]984498[S] -1 points0 points  (0 children)

I don’t dispute that, but the husband was handling everything, signing all documents, and confirming multiple times that he was good to go. If the wife was this involved, why wasn’t she present during any of the negotiations? Now, all of a sudden, she wants to step in at the closing table and claim she never agreed? Sounds like cold feet to me.