Q: buyer threatened violence against seller. Seller wants to cancel contract. buyers offer is way less than FMV. ?
Seller (who is disabled) had a friendship with buyer. Buyer became beligerant with seller making threats of violence and called him a liar. Buyer made a super low offer to flip the property. Seller found out the offer was extremely low based on comps in condo complex and surrounding comps. Seller was not represented by a REA as buyer is an REA/investor so seller thought buyer was making a fair market offer. Now seller knows the truth and wishes to cancel contract and obtain an REA in order to seek an offer which is more aligned with fair market value. Seller owns property outright is disabled and feels buyer tried to take advantage of him
I highly recommend you communicate directly with an attorney to allow them to ask you questions and give you the best advice possible. Threats of violence are never ok. Contact local law enforcement and make a report.
You can send a copy of the report to the buyer with a notice of termination of your contract. Contracts made under threat of violence are unenforceable. Keep in mind that proof of the threats may be required to successfully defend a lawsuit. This proof might come through witnesses or records of your communications by text or email, or whatever else leaves no doubt of what was communicated.
When you send the termination notice, you may need to find a safe place to go until the buyer has cooled off. If at all possible, try working through 3rd parties for all future communication with the buyer.
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