Kenwood Lots

Kenwood Lots

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What do you do if you’re in a contract with a buyer, and you want to get out of it?

That’s exactly what happened with our client and his North Kenwood Property. Read until the end to see exactly how we scored a big win for our seller!

It was Ben’s childhood home that his father built from the ground up in the 1940’s, almost a century ago! His father had passed the home down to his brother, and unfortunately his brother passed away, leaving Ben to deal with a hoarder home mess, and an extremely overgrown lot. The brush was nearly 20 feet tall in some sections. It was nearly impossible to walk from one end of the lot to the other without getting bit by bugs, stung by thorns, and having shoes soaked in mud.

Ben had moved away from Florida many years back, and no intention of keeping the property. Early on, shortly after his brother passed away, he signed a contract to sell his newly inherited property to an out of state investor. He didn’t think twice, just wanted to get his money and walk away from the mess.

Unfortunately, the probate took months upon months in court, much longer than Ben expected. During that time, the inquiries poured in from other investors. Then Ben started to think…”did I get the best deal for this property?”

We began talking with Ben. He was very sharp, and said he was having second thoughts about the offer he signed with the other investor. We asked why, and he said that he thought he could get more money for the property. When we asked him how much the other offer was for, he told us an extremely low amount.

We asked him to send over a copy of the contract from the other investor, to see if there were any loopholes in which he could exit. Our real estate attorney reviewed the contract, only to determine it was a rock solid contract. The other investor was experienced, and done EVERYTHING by the book. The other investor had put down their deposit, and was honoring all of their obligations per the contract.

We discussed our findings with Ben. He was slightly discouraged, but thought of another idea. He asked us to call the other investor, so see if there was any way the other investor would “step down”. It was a very risky thing to do, but we always explore all options for our clients. So we called the other investor. We explained that we were asked to call him by the seller he was currently in contract with. To our surprise, the other investor was willing to step aside. He said he was tired of waiting for the probate to finish and the closing to happen. He named a price, to be compensated for his time spent on his due diligence.

Ben was ecstatic when we let him know that not only would the other investor step aside, but that we could offer him a higher amount, that would satisfy the other investor, and net Ben more money at closing.

A few weeks later, we closed. Everything went smoothly, thanks to our partners at Atlas Realty Group (https://atlasrealtygrp.com/) and Haven Title (https://www.haventitle.com/)

If you’re a seller and you find yourself in the same situation as Ben, email me (alex@131realtycorp.com). We can find a solution for you, just as we did for Ben.