Thanks for pointing me to this video. The spread was 35k in a fee... so STRONGLY considering SPECIFIC PERFORMANCE and forcing seller to meeti their end of the contract. We spent money on marketing and research and with title so I think its only right for us to pursue this. The only thing that MIGHT be tough is the house was willed to her but her name wasn't on title yet here in SA
@@emersonpm I'm a buy and hold investor and don't do flips nor wholesale(with the exception of this being my first one where the seller is backing out) >_< My goal is to provide my family (myself,wife and two kids) with the freedom and ability to do what we want as a family when we want as a family while having our basic needs paid for with my investments. That's my goal in a nutshell lol I started in January of 2020 and have 1 SF and 1 duplex so far.
This just happened to me and the seller agreed to return earnest money but refuses to reimburse inspection ($600) and appraisal ($700). Realtor suggested small claim court, so I need to hire a lawyer too? This is my first time buying a house and I am so bummed ☹️
Seriously I need this question answered by tonight., Can a seller back out a contract if you decide to use your own lender and not their preferred lenders?? They told us we have to pay 25K in a day if we were going to do this, then when we were about to they changed their mind outta nowhere
Never let the seller get out of the contract. If you do, you have no respect for your time and money, and mostly FOR YOURSELF. Idk what state you’re in but in Indiana it’s illegal to feel other offers while you’re under a contract.
Great question! If we get into a situation where we don't want the house, we would just exercise your option to terminate the contract. You can watch more about exercising your option or forfeiting your earnest money in these two short videos ua-cam.com/video/92wfSb_VZ1s/v-deo.html & ua-cam.com/video/x57QxdUfOZE/v-deo.html. Do you have any other questions?
Emerson Property Management, Inc. In my case, i signed a contract then l realized looking for another home or apartment was not at option due to the high prices of houses or maintenance fees in condos. I got so frustrated and sad that now l just dont want to sell the house at all. Also my kids are begging me not se see it. Closing to take place in October. I realized l made a mistake.
@@elvisgarciadejesus Ahh you're the seller. If you back out you could be sued by the buyer. Unfortunately, you may need to speak with an attorney on this one. Best of luck!
@@elvisgarciadejesus I wish I could help. If it were me, I would speak with the buyer or buyers agent and see if I could hold off selling, but the options are limited.
I'm not sure I follow your logic here. You have the right to enforce the contract that was signed. Do you regularly sign agreements then don't follow through?
@@emersonpm The house means something to the seller, but it's just a place to live for the buyer. The buyer can fine another one. Agreements are entered into because of emotion. Emotions change and that is what is important.
@@steveklemetti8035 I'm sorry but that makes absolutely no sense. Emotions can change but that's why contracts are written, reviewed, signed and in some cases notarized.
@@steveklemetti8035I'm saying that people should take entering an agreement seriously and if they're unhappy with the agreement, then they shouldn't have entered the agreement in the first place, or take the steps to terminate as outlined in the contract
This is a great informative video. Sorry the sellers backed out but you handled the situation like a true gentleman!🙂
Thank you! It happens!
Why would you be sorry that the sellers backed out?
Sue for specific performance
Exactly!
Is there a course of action for the buyers if the contract was not signed by the seller but was signed by the buyer?
I'm not an attorney. From my understanding that isn't a valid contract until both parties have signed
How do you get your earnest money back if someone decides not to sell, when we were under contract
We would send release of earnest money to title stating it's going back to you as the buyer
Thanks for pointing me to this video. The spread was 35k in a fee... so STRONGLY considering SPECIFIC PERFORMANCE and forcing seller to meeti their end of the contract. We spent money on marketing and research and with title so I think its only right for us to pursue this. The only thing that MIGHT be tough is the house was willed to her but her name wasn't on title yet here in SA
Thanks for watching. What's the mission of your business?
@@emersonpm I'm a buy and hold investor and don't do flips nor wholesale(with the exception of this being my first one where the seller is backing out) >_< My goal is to provide my family (myself,wife and two kids) with the freedom and ability to do what we want as a family when we want as a family while having our basic needs paid for with my investments. That's my goal in a nutshell lol I started in January of 2020 and have 1 SF and 1 duplex so far.
Admiral goal! I wouldn't let one deal distract you from your aspirations. I would spend that energy on finding the next deal. Best of luck!
I always appreciate your videos!
Thanks man! Hope you're doing well!
@@emersonpm Yes sir I'm doing alright. Thanks man!
This just happened to me and the seller agreed to return earnest money but refuses to reimburse inspection ($600) and appraisal ($700). Realtor suggested small claim court, so I need to hire a lawyer too? This is my first time buying a house and I am so bummed ☹️
I'm not an attorney but check out a Memorandum of contract. Best of luck!
Seriously I need this question answered by tonight., Can a seller back out a contract if you decide to use your own lender and not their preferred lenders?? They told us we have to pay 25K in a day if we were going to do this, then when we were about to they changed their mind outta nowhere
Did you get this solved? I'm interested in hearing the answer. Without looking at the contract, I have no idea...
Hi! I’m the buyer in i pay half of the amount but the seller back out! What to do we have a contratract to sell
Hey! What did you end up doing?
Never let the seller get out of the contract. If you do, you have no respect for your time and money, and mostly FOR YOURSELF. Idk what state you’re in but in Indiana it’s illegal to feel other offers while you’re under a contract.
Thanks for your comment. How exactly do you keep the seller in the contract?
What type of lien do I need to file?
We file a Memorandum of contract
You have to let them take you to court...... they dont have the legs to see this through
Thanks for the comment, but can you elaborate? I'm not sure what you mean. Thanks!
Hello Emerson, what if you just dont want to sell the house at all after being in contract? Thanks
Great question! If we get into a situation where we don't want the house, we would just exercise your option to terminate the contract. You can watch more about exercising your option or forfeiting your earnest money in these two short videos ua-cam.com/video/92wfSb_VZ1s/v-deo.html & ua-cam.com/video/x57QxdUfOZE/v-deo.html.
Do you have any other questions?
Emerson Property Management, Inc. In my case, i signed a contract then l realized looking for another home or apartment was not at option due to the high prices of houses or maintenance fees in condos. I got so frustrated and sad that now l just dont want to sell the house at all. Also my kids are begging me not se see it. Closing to take place in October. I realized l made a mistake.
@@elvisgarciadejesus Ahh you're the seller. If you back out you could be sued by the buyer.
Unfortunately, you may need to speak with an attorney on this one. Best of luck!
I need your input, thanks
@@elvisgarciadejesus I wish I could help. If it were me, I would speak with the buyer or buyers agent and see if I could hold off selling, but the options are limited.
Jake I don’t have no seller
Wut?
Why do you need to do anything? It's the seller's house. It will always be the seller's house. A contract will not change that.
I'm not sure I follow your logic here. You have the right to enforce the contract that was signed.
Do you regularly sign agreements then don't follow through?
@@emersonpm The house means something to the seller, but it's just a place to live for the buyer. The buyer can fine another one. Agreements are entered into because of emotion. Emotions change and that is what is important.
@@steveklemetti8035 I'm sorry but that makes absolutely no sense. Emotions can change but that's why contracts are written, reviewed, signed and in some cases notarized.
@@emersonpm So you are saying that people should end up unhappy with the results?
@@steveklemetti8035I'm saying that people should take entering an agreement seriously and if they're unhappy with the agreement, then they shouldn't have entered the agreement in the first place, or take the steps to terminate as outlined in the contract
You have an email because I was wondering if you have any jv contracts you could send me
Emerson House Buyers assignment?
What kind of JV contracts?
You should have the option when the buyer really want to save the deal!!! Not just tell us to clam down and walk away….. disappointed
Thank you for the feedback!