Here is a question for you guys.
I have a house under contract ($25k cash, a little deal that’d cashflow $795 a month), everything went through at the title company, we got the HUD1’s back … and now he is changing his mind because he is only going to NET $2000 on the deal after paying his closing costs & paying off the mortgage.
I have bought well over a dozen houses now, and never have had this happen before.
This is kind of unusual — the seller has an owner financed relationship with the person who has his name on the title, and the title company had us do the contract between one of my holding company’s (an LLC) and the person who lives in the property (he’s owner financing it from the guy on the title). We were going to do a double closing at the title company.
Anyway…would you guys sue over this?
My gut instinct says NO, as it’s too small of a sum to sue over and the guy who occupies the property has little to no assets of significance. And if he did wind up being forced to do the transaction, he could trash the place after we close on the deal - and then move out.
But part of me says…I should sue the mother f****r just to teach him a lesson. LOL.
What do you guys think?