Preformatted textWe have seller A (current owner) and seller B (wholesaler) and final purchaser C. The wholesaler is in contract to buy the Ohio park from seller A. Seller B tells seller A it’s a cash deal per their contract. However, seller B doesn’t have access to the cash at the time of the contract. Seller B tries to wholesale the deal (he’s a wholesaler). Purchaser C1 has an interest and wants to move forward, but before the contracts are signed a different buyer, purchaser C2 steps in and offers a cash deal. Purchaser C2 walks from deal prior to DD expiration. Purchaser C1 is back in the picture and signs a PSA with a mortgage contingency clause that has specific terms. Terms obtained are not in line with the original PSA, so purchaser C1wants an extension as outlined in PSA and doesn’t want a release. Seller B (wholesaler) comes across cash and wants to close the deal directly. The Seller B has an option to not extend per the finance contingency clause but must return earnest funds. The deal has some other moving pieces, but seller B just wants out and doesn’t wish to extend or refund escrow funds.
When encountering issues such as the above what is the due process typically in Ohio to enforce the contract language or to see what party prevails with their position? Will the due process just halt our transaction, or does it impact all parties, including owner and wholesaler?
Well in theory c2 should have signed a release when they walked meaning they’re totally out of the picture. If they didn’t and are still in their DD window/ haven’t otherwise defaulted it sounds like that contract is still good.
Also sounds like more of a question for your attorney
The description had an error. Essentially what happens if I fight the transaction in court to enforce my rights for an extension? Does it impact the current owner to close or is the transaction allowed to proceeded? Not looking to make this messy, but again it already is.
Real estate transactions come down to what is agreed upon by parties involved. If i were seller A, I want to sell. Selling parks is not as easy as selling a house. There is a smaller pool of buyers. I would give the buyer more time. But it has to have a realistic limit, two to four weeks. Why would more time be needed? And i would need to see that the buyer does have access to those funds, either by showing a loan qualification or account statements or something like that so that i know there is true intent on the buyers part.