That in this business for any amount of time I can tell you that it is a business full of ups and downs. For a moment you can be excited and enthusiastic about the closure of many - a seller signs a contract to meet you on his property with a mortgage balance that is 40% below the ARVs.
Sounds like a deal that will not let you lose ... and certainly do not want. But it can be very frustrating if the seller changes his mind 24 hours after signing thecontract that he no longer wants to do it and wants to list the property.
So trying to choose whether or not to try and fight the guy in court or just give it back to him can be a difficult decision. Here are a few things to remember. No matter what you get out of the deal, it's likely not going to be worth the pain and addition to that. It is unfortunate that the guy changed his mind the next day. Can you create havoc? Yes you can. But if this thing goes to court, you're not going to to win. The judge will'm'm so sorry for these unsuspecting homeowners who obviously was not big enough to take care of itself. The judge is probably going to go his way. Not only that, but only a lawyer can find a way to immerse yourself in this Agreement and holes in them and you're not likely to survive this game.
And 'they may be in possession of the money? Probably yes. But keep in mind that there is a big difference between someone who has a signaturecontract and wants to back out the next day then somebody who signs it and wants to back out two months later. Under these circumstances, you would be better off to cut your losses and run on this one and quit worrying about it. In the end, that's the safest, easiest, cleanest thing you can do. And you're going to like yourself better if you do that than if you take the other approach.
If you actually have the deed, this may be a different situation altogether. If it just a contract that you have, let it go and move on. There are other fish out there to fry!
