Q: I signed PA to sell rental property to buyers. After 15 day DD expired, they sent mod for $20K less. Can we cancel?
On "due diligence" date expiration, buyer's email to us said they were not sure they wanted to proceed. Six days later, they sent proposed mod for $20K less than PA price and removal of DD contingency; we said we'd think about it. They kept asking us to negotiate to get to a "better" number. Finally, we refused all attempts to negotiate & told them we would no longer sell to them. They responded with an assertion of a ratified contract and said we must go to settlement. We're refusing to sell to them.
We believe they acted in bad faith b/c they thought we were desperate to sell (we aren't).
Buyers drafted the contract and there is 'time is of the essence' provision. They missed contingency removal deadline and would have also missed quick closing date in 13 days (they chose the date).
Thoughts?
A: Guessing without reading the contract and the email or text exchanges is just, quite simply, malpractice. Get a lawyer to read the contracts. You'll save a fortune in "pay me now or pay me (more) later" fees."
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