I got my first deal under contract - $230K…needs 25K in work, ARV 310-325.
Well, the seller apparently “changed her mind” 5 days before closing!
I have already had the inspection, appraisal, etc., and now have retained counsel for $2500 ($250 per hour). Yikes on my first deal…certainly going to be a learning experience.
The contract is signed, and I must now bring suit for specific performance as well as seek any damages regarding homeowner’s insurance and mortgage rate lock.
Anyone have any experience with a situation like this, with advice on what to do and watch out for?
Yikes. How long was the property under contract before they “changed their mind”. Not sure about the details of you deal, but in CA if you purchase an home in foreclosure, the seller has 3 days to change their mind. If you get a signature on a deed before the “cooling off” period the whole deal can be undone.
It was not a foreclosure deal. It was under contract for about 2 weeks before we got word from the realtor that she did not intend to go through with the contract (which was a week before the closing date).