# WWYD? Real Estate Purchase



## katfish1 (Jan 15, 2017)

So, after 3 years of searching, we found a property we really want. Now, we have negotiated with the current owners back and forth for 9 months on the price. We agreed on a price, signed a contract, the process is started. Now two days after signing the owner says they just cant sell! My attorney says we have a legally binding contract and I have to decide whether to force the sell or not.. WWYD?  The owners, are absent owners, from out of state, well versed in real estate sales for the last 20 years( this is how they made a living),property has been on the market for 2 years. My gut tells me they had a higher offer after we signed and word got out (very small town).. We are very frustrated at this point


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## WayneB (Jan 15, 2017)

ask point blank why they are pulling out.
 Can you afford more for the property? Fighting to force them to honor the contract is virtually more expensive than offering more if they did in fact get a higher offer.
You may win, and may or may not be awarded court costs. However the battle may sour whatever you love about the place.


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## katfish1 (Jan 15, 2017)

WayneB said:


> ask point blank why they are pulling out.
> Can you afford more for the property? Fighting to force them to honor the contract is virtually more expensive than offering more if they did in fact get a higher offer.
> You may win, and may or may not be awarded court costs. However the battle may sour whatever you love about the place.



I did, no real clear answer, says they are attached, (they have owned the property 6 years, 2 years of which they were totally absent) Everything they are saying now totally contradicts what they have been saying for the last year. I know there have been other potential buyers waiting on the price to drop. I can afford more but I wont! What happened to two men agreeing on a deal? And, the thought of a legal battle kind of takes the happiness out of the place.


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## WayneB (Jan 15, 2017)

I believe GA has a 3 day rescission law, allowing contracts to be nullified if they change their minds. Your attorney should have told you this already.
9 months is a long time to negotiate then back out. I can imagine your frustration.


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## katfish1 (Jan 15, 2017)

WayneB said:


> I believe GA has a 3 day rescission law, allowing contracts to be nullified if they change their minds. Your attorney should have told you this already.
> 9 months is a long time to negotiate then back out. I can imagine your frustration.



It does, but this law does not apply to real estate.


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## rayjay (Jan 15, 2017)

I would initiate a suit. It costs them time, money and aggravation to fight it. They will probably cave immediately and honor the existing contract.

If the land is really your dream tract then it's worth fighting for.


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## westcobbdog (Jan 15, 2017)

katfish1 said:


> So, after 3 years of searching, we found a property we really want. Now, we have negotiated with the current owners back and forth for 9 months on the price. We agreed on a price, signed a contract, the process is started. Now two days after signing the owner says they just cant sell! My attorney says we have a legally binding contract and I have to decide whether to force the sell or not.. WWYD?  The owners, are absent owners, from out of state, well versed in real estate sales for the last 20 years( this is how they made a living),property has been on the market for 2 years. My gut tells me they had a higher offer after we signed and word got out (very small town).. We are very frustrated at this point



That same Lawyer should have mentioned "specific performance"...up here in Atl over my career I have seen it happen more than a few times. Some Buyers just go away, other sue for specific performance. In metro Atl. the only contract paper we use is the GAR form. What contract are you using? Are you using a Realtor to assist in the purchase? Do you have a bunch of contingencies still unfulfilled?


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## katfish1 (Jan 15, 2017)

westcobbdog said:


> That same Lawyer should have mentioned "specific performance"...up here in Atl over my career I have seen it happen more than a few times. Some Buyers just go away, other sue for specific performance. In metro Atl. the only contract paper we use is the GAR form. What contract are you using? Are you using a Realtor to assist in the purchase? Do you have a bunch of contingencies still unfulfilled?


We are using a Realtor, It is the GAR form, The termite inspection, & home inspection are done, the only thing left is the appraisal ( which my banker has assured me will be great) A week ago they wanted to close ASAP, now this. They accepted 95k below original asking, so I am inclined to believe someone offered more. Now I am over a barrel because I have someone making an offer on my current home, and have already given away things I knew I wouldn't have room for in the new place. I know, maybe I should have waited. I know my financing is 100% pre-approved, its just a matter of paperwork, so I thought this was a done-deal.


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## katfish1 (Jan 15, 2017)

The property has been FSBO, the current owners have bought and sold property for years. It was my idea to hire a Realtor to handle the contract. Im pretty sure just the cost on that is 1% of sale price, so over 7k that im responsible for right there as well.


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## CamoClad (Jan 15, 2017)

Same type issue happened to us on a home purchase.  We had to decide if we wanted the house and if so were we willing to follow through with the process.  In our case it was just as you describe where the owner had a strong emotional attachment to the house.  We followed through and bought the property.  In the end it all worked out fine, it was a hassle during the purchase but once closed none of that affected our happiness or live-ability in the home.  We never saw the previous owner again after the closing and  we were all fine with that.


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## livetohunt (Jan 15, 2017)

A contract is a contract...I would fight for it if you really want it.


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## rayjay (Jan 15, 2017)

I would get some pleasure out of forcing them to keep their word. I had a dip stick agree to a price on a tool box yesterday and then 10 mins later email me back they were sold. I have become completely philosophical about this happening and don't even get worked up about it anymore. But a $250 tool box isn't a home and property that I have invested nearly a year into acquiring. I would figth them.


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## jimbo4116 (Jan 15, 2017)

Make them an offer to cancel the contract.  20% of total or whatever you think will easy your pain.

Your time is worth money.  You have spent time you can't get back you could have used to find a property you can buy.

I would think the Realtor is going to pursue their commission if they had a contract.


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## katfish1 (Jan 15, 2017)

so the current owner calls me today. He says he understands the legalities, if he cant get me to drop the contract he will just have to follow through with the sell. He then begins to cry, (no kidding,literally sobbing) and tells me not to worry about them , they will make it somehow.. When I ask how they could have such a drastic change of heart after all of this, his answer was I don't know... He has a full time home in another state, This is really playing with my emotions, I don't want to be taken advantage of, but man its hard to listen to a grown man cry.  My realtor says discard the emotion and follow the contract.. WWYD?


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## Bobby Jackson (Jan 15, 2017)

Let it go..Move on.
At this point I would never enjoy the feeling of stealing a old mans house..


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## Grub Master (Jan 15, 2017)

Bobby Jackson said:


> Let it go..Move on.
> At this point I would never enjoy the feeling of stealing a old mans house..


*He is not stealing an old mans house.*
It sounds like the seller is in the business of buying and selling realestate.
Buy the property.  If you wanted to back out they would have every right to sue you and the agent would be due a commission.
I would not let his tears keep me from buying it.  He's a grown man and you are not taking advantage of him.
Good luck


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## katfish1 (Jan 15, 2017)

bobby jackson said:


> let it go..move on.
> At this point i would never enjoy the feeling of stealing a old mans house..



wow


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## Grub Master (Jan 15, 2017)

katfish1 said:


> so the current owner calls me today. He says he understands the legalities, if he cant get me to drop the contract he will just have to follow through with the sell. He then begins to cry, (no kidding,literally sobbing) and tells me not to worry about them , they will make it somehow.. When I ask how they could have such a drastic change of heart after all of this, his answer was I don't know... He has a full time home in another state, This is really playing with my emotions, I don't want to be taken advantage of, but man its hard to listen to a grown man cry.  My realtor says discard the emotion and follow the contract.. WWYD?


I would not talk with him again and if he needs to talk with anyone have him talk with your agent.  That's their job.  Don't let him upset you. Life is too short.  You have spent 9 months on this and I bet he's got a better offer.  It's not your problem and have someone wanting your house.


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## groundhawg (Jan 15, 2017)

katfish1 said:


> so the current owner calls me today. He says he understands the legalities, if he cant get me to drop the contract he will just have to follow through with the sell. He then begins to cry, (no kidding,literally sobbing) and tells me not to worry about them , they will make it somehow.. When I ask how they could have such a drastic change of heart after all of this, his answer was I don't know... He has a full time home in another state, This is really playing with my emotions, I don't want to be taken advantage of, but man its hard to listen to a grown man cry.  My realtor says discard the emotion and follow the contract.. WWYD?



You have someone wanting your house, you really want the new house and land or you would have not invested so much effort in trying to buy it.  Seller has stated he will (rather willing or not) complete the sell.  Go ahead and set a closing date and enjoy your new home.  Listen to your realtor and let him handle to rest of the contact(s).


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## rayjay (Jan 15, 2017)

Time for the seller to grow up and be a man. Buy the place and quit worrying about Mr. and Mrs. Dramatic. People that have bought and sold lots of houses don't get attached to them. They just represent dollar signs to them.


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## rjcruiser (Jan 16, 2017)

rayjay said:


> Time for the seller to grow up and be a man. Buy the place and quit worrying about Mr. and Mrs. Dramatic. People that have bought and sold lots of houses don't get attached to them. They just represent dollar signs to them.



This x100.

The sobb story would just solidify that the current owners are trying to pull the wool over your eyes.  A contract is a contract.  Make it happen and enjoy your dream place in 60 days!


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## Anvil Head (Jan 16, 2017)

Sounds to me like "owner" is crying about money....must have gotten on heck of a higher offer.


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## Crakajak (Jan 16, 2017)

Go ahead with the purchase. At the closing table tell them you would sell it back at the original asking price since they are so attached to the property. Watch how fast they cash the check.


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## Unicoidawg (Jan 16, 2017)

Oh no........ make him sell it. This isn't his first rodeo, he's trying to play you as a fool.


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## Capt Quirk (Jan 16, 2017)

You have a lot of time and likely money, tied up in this place. Hold them to their agreement. The best things are worth fighting for. And, you don't want to back out on the people looking at your place. They are looking at you with good faith. That used to mean something at one time.


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## rospaw (Jan 16, 2017)

Unicoidawg said:


> Oh no........ make him sell it. This isn't his first rodeo, he's trying to play you as a fool.



THIS !!!!

He had 9 mos to pull out of selling. AKA 270 nights to sleep on it. 
 He is hoping you will up the offer to ease HIS pain. Yeah, right!  I would also think a offer has come in over what you agree to which has caused this "change of heart"


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## Dr. Strangelove (Jan 16, 2017)

The seller is being a jerk. I guarantee he has a higher offer in hand. Too bad, you have a signed contract. Hold him to it and don't lose a moment of sleep over it.


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## WayneB (Jan 16, 2017)

Dr. Strangelove said:


> The seller is being a jerk. I guarantee he has a higher offer in hand. Too bad, you have a signed contract. Hold him to it and don't lose a moment of sleep over it.



^ this


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## Anvil Head (Jan 17, 2017)

Take a box of tissues to the closing.


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## JustUs4All (Jan 17, 2017)

Crakajak has given you some excellent advice.  Your conscience should not bother you even a little bit if he is unwilling to purchase the property back at the original price he offered it for sale.


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## joey1919 (Jan 17, 2017)

Buy the property and enjoy knowing you got a good deal.


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## katfish1 (Jan 17, 2017)

UPDATE: Talked to banker this A.M, everything is ready, just need appraisal, they want to do tomorrow A.M. Have Realtor call the owner to arrange this. He tells her he has to talk to me & that I don't want the property anymore!! I have never heard such non-sense in my life! My Realtor tells the owner we are proceeding, he says he has to talk to me, I'm not contacting him at all! If I weren't experiencing this I don't think I would believe it! We have saved for 20 years for this day, to finally find our "forever place" now this, Its pretty much taken all the joy, excitement & anticipation out of it. Meeting with my attorney tomorrow, but why should I have to? What happened to a deal between two men? Guess I'm a dinosaur.


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## Grub Master (Jan 17, 2017)

You are doing the right thing. I bet if you decided to just back out he and the agent would sue you and probably win a judgment.
The seller doesn't need to talk to you and you don't have to talk with him.  Keep having the agent do their job and earn their fee. Close on it and don't look back.
Enjoy your new home.


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## SC Hunter (Jan 17, 2017)

Maybe I'm cold hearted but I would tell him he's signed a contract and it's sold to kick rocks.  If it was something I truly wanted and they tried to back out I would definitely fight them on it.


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## Lukikus2 (Jan 17, 2017)

CamoClad said:


> Same type issue happened to us on a home purchase.  We had to decide if we wanted the house and if so were we willing to follow through with the process.  In our case it was just as you describe where the owner had a strong emotional attachment to the house.  We followed through and bought the property.  In the end it all worked out fine, it was a hassle during the purchase but once closed none of that affected our happiness or live-ability in the home.  We never saw the previous owner again after the closing and  we were all fine with that.



This. X 2


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## beginnersluck (Jan 18, 2017)

Terms were agreed upon.  Buy it. The seller knew what he was doing when he put it on the market...definitely knew when signing the contract.  I understand attachment, I understand the possibility of being offered more, however when an agreement is reached and a contract is signed, it needs to be honored.  Enjoy your investment.


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## egomaniac247 (Jan 18, 2017)

What a strange, strange story and I too would be very frustrated.  

To the original poster, you are NOT a dinosaur just  because you expect a man to honor his word....heck not just his word, a CONTRACT he signed.

One thing that sure would bother me is that he told your agent you weren't interested anymore.  I know your agent saw through it but man, this guy has now resorted to bold faced lying to try to get out of this.

Is there any risk that he may try to sabotage the bank's appraisal?


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## Trigabby (Jan 18, 2017)

Do not feel guilty about this at all!  Like was said before, you are being played to.  The likely scenario is that they received an eye-popping back up offer and are doing what they feel they can to have you drop the purchase.  When I dabbled in real estate, maximizing profit was paramount and since they've been doing this for a while, a little bit of theatrical tears could bring them some additional dough.

DON'T back down..  Also what was said before is that you're likely getting a great deal.  Good luck and keep us posted!


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## JohnnyWalker (Jan 18, 2017)

Remember be that this guy has spent years buying a d selling properties.  His sudden love of this property and the emotional pressure tells me he has most likely received a much higher offer.  Don't offer to cancel the contract.  Tell him that you will either close within 30 days or you will sue and seek legal fees in the process.  Unless he is a dunce, which I doubt, he will realie that legal fees will likely exceed any additional profit he might have had.


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## Slingblade (Jan 19, 2017)

grub master said:


> you are doing the right thing. I bet if you decided to just back out he and the agent would sue you and probably win a judgment.
> The seller doesn't need to talk to you and you don't have to talk with him.  Keep having the agent do their job and earn their fee. Close on it and don't look back.
> Enjoy your new home.



^^^this!!!^^^


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## rayjay (Jan 19, 2017)

When you are done with closing and walking out the lawyer's office door ask the guy how much the other offer was for. hahahahahhahhahahhaha ! I would do it for sure !!


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## joey1919 (Jan 20, 2017)

rayjay said:


> When you are done with closing and walking out the lawyer's office door ask the guy how much the other offer was for. hahahahahhahhahahhaha ! I would do it for sure !!



Absolutely, then ask him for their contact info so you can flip it for a profit...Even if you have no intentions of doing so.


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## MTMiller (Jan 22, 2017)

I would not say anything else on a public forum.  Use professional council.  Good luck!


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## skiff23 (Jan 24, 2017)

Force the contract. They have a higher offer and want the money . You have vested time and money , so has your realtor. Force it ! 
A  man's word is supposed to be gold , sounds like these folks are scamming you.


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## WayneB (Jan 24, 2017)

ya haven't closed yet?


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## Jake Allen (Jan 25, 2017)

jimbo4116 said:


> Make them an offer to cancel the contract.  20% of total or whatever you think will easy your pain.
> 
> Your time is worth money.  You have spent time you can't get back you could have used to find a property you can buy.
> 
> I would think the Realtor is going to pursue their commission if they had a contract.



This would be my choice.


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## mattuga (Jan 25, 2017)

Anvil Head said:


> Take a box of tissues to the closing.



Best advice yet.  I laughed hard at that one!


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## caughtinarut (Jan 25, 2017)

keep us updated


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## NE GA Pappy (Jan 29, 2017)

following this thread


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## rayjay (Feb 28, 2017)

When is the house warming ????


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## katfish1 (Mar 2, 2017)

The deal finally fell apart , The appraisal mysteriously came in almost 100k low. The owner and the appraiser got to spend some quality time together without my agent present. The banker even said he was amazed that it didn't appraise for enough. Small town politics , if you have the proper last name , things can happen. I finally told them to enjoy the property, told the appraiser to enjoy the 1400.00 check for the bogus appraisal and went on my way. Everything happens for a reason , and maybe there was a reason for all this. One thing for sure is, "Everything comes clean on washday!!"


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## rjcruiser (Mar 2, 2017)

katfish1 said:


> The deal finally fell apart , The appraisal mysteriously came in almost 100k low. The owner and the appraiser got to spend some quality time together without my agent present. The banker even said he was amazed that it didn't appraise for enough. Small town politics , if you have the proper last name , things can happen. I finally told them to enjoy the property, told the appraiser to enjoy the 1400.00 check for the bogus appraisal and went on my way. Everything happens for a reason , and maybe there was a reason for all this. One thing for sure is, "Everything comes clean on washday!!"



Interesting.  I probably would have gotten a different appraisal...but, understand sometimes, in your gut....you just have a feeling that it isn't meant to be.

You're right about everything coming clean on washday....and another door will open that will be the door you're supposed to walk through.


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## Dr. Strangelove (Mar 2, 2017)

katfish1 said:


> The deal finally fell apart , The appraisal mysteriously came in almost 100k low. The owner and the appraiser got to spend some quality time together without my agent present. The banker even said he was amazed that it didn't appraise for enough. Small town politics , if you have the proper last name , things can happen. I finally told them to enjoy the property, told the appraiser to enjoy the 1400.00 check for the bogus appraisal and went on my way. Everything happens for a reason , and maybe there was a reason for all this. One thing for sure is, "Everything comes clean on washday!!"



I'm sorry that you lost the opportunity to purchase the land that you wanted, but having followed this thread for a while, it sounds like you're probably better off. The seller is an absolute scumbag. If someone is just bound and determined that they are going to screw you over they will every time. 

Better luck on the next one, and you're right about small town politics.


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## Dustin Pate (Mar 2, 2017)

Did you receive a copy of the Appraisal? If you think there was some home cooking going on, the appraiser could get in some mighty deep trouble. I would have it looked at very thoroughly.


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## katfish1 (Mar 2, 2017)

I did finally get a copy. Took a few weeks, but I got it. Attorney told me we could have another done, but at this point I've had enough. After much thought and prayer, we are just moving on.


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## bronikjb (Mar 13, 2017)

Think about this, now.  You had a deal at $95K below asking price, and appraisal came $100K below that.  It seems to me this seller is now holding property worth $195K less than he once thought. If the appraiser was influenced by something the seller said, that is very likely against his professional ethics standards.  Painful as it is, I think you have the best standing in this busted deal.  Good luck in your further searching


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