I approached the owner of a triplex recently that I missed out on buying a couple of years ago. It took awhile (nearly 3 months) but was able to sit down with them, go over rents, expenses, and etc. We came to agreement on a number. It was in range on what I thought it was worth and more than fair for them putting 75k over what they paid for a property they have done nothing to.
It took about three weeks for me to get financing as it's not zoned a legal 3 unit, but I did get it figured out.
We had always stated this would be private deal and we would just work through our real estate attorneys. So I had my real estate attorney draw up a contract, which was very simple, no asks of any kind normal contingencies, infact the only ask was for them to refund the tenants their deposits back(deposits are more of any annoyance in my state than their worth).
Fast forward and they still has not signed the offer 10 days later and I'm at a loss on what to do. I've reached out to their assistant (it's always been that way) and the only thing I've gotten was this message "No worries, and no xxxxxx hasn't. Apparently, xxxxxx lawyer brought up some insight regarding the total purchase price and regarding the personal property items so then xxxxxx had more questions for her lawyer before proceeding to sign"
I'm not sure what to do? I don't think think their shopping it, any more money for this property (unless cash) would be difficult meeting appraisal. It just shy of the 1% rule based on the price we agreed on. My only thought is sellers remorse
Thoughts?
Seller still hasn't signed contract
byu/The-Black-Stig inrealestateinvesting
Posted by The-Black-Stig