Seller remorse 3 days before closing

Joe456March 13, 2013

I as the buyer am supposed to close escrow in few days and the seller decided to back out. his reason was too much capital gain taxes. I have done all my due diligence. I'm going to go after him, since this is a commercial property and so far I have spent about $10,000 on reports,etc and my two businesses were supposed to move there within next few months, giving me a total damage of $80,000.

has anyone had any experience with commercial property seller remorse?

The seller is so greedy that hasn't even offered me any compensation for my loss and he doesn't seem to care about the lis pendens lien on his property. I need the building so urgently. Tomorrow meeting with an attorney. Any advice will be appropriated.

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No experience here, but I'd definitely sue for specific performance.

    Bookmark   March 14, 2013 at 8:04AM
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    Bookmark   March 14, 2013 at 9:12AM
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You need to have an attorney experienced in this kind of thing, to be sure you dot all the i's & cross all the t's, but my experience (as a Realtor, not an attorney or as anybody who knows anything about law) has been that the willing party must actually close, leaving the unwilling party to close or face consequences.

I wish you the best.

    Bookmark   March 14, 2013 at 10:21AM
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You may find the recording of a 'lis pendens' (notice of suite) against the property moves the seller forward.

Make sure your attorney has the RE knowledge needed for this path.

This post was edited by brickeyee on Thu, Mar 14, 13 at 12:28

    Bookmark   March 14, 2013 at 12:27PM
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thank you for the input. Yes, I am WILLING to move in asap. in fact that's my preference. All my communications with the seller before lawyer's involvement through letters very well testifies to that fact.
I am not after taking advantage of this situation and if the SBA loan and all the time and cost put into moving to this new property wasn't done, I could take this more easily.

the attorney has already sent out a strong demand letter for mediation.

    Bookmark   March 16, 2013 at 4:09PM
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