Welcome to The Closers After Dark. Just kidding, it's still The Closers Daily episode 66. We're just at the office super late. So got a question today about what can happen if a firm deal doesn't close. So a lot of buyers are putting contracts on properties without going through their due diligence. Say I list a property for $450, accept an offer $475, but they can't provide funds on closing, and then the lawyers just can't get it done, and the buyers can't get it done. You would be able to go after them and sue them for damages but you have to prove enough damages to make it worthwhile. So say you sold it again on market for $490, well you made a profit so have a really hard time proving damages but say you sold it for $450 and then you leased the property based on that sale and a whole bunch of other stuff then you might have a little bit more recourse. At the end of the day, make sure you're using a real estate specific lawyer. That's a legal question not a real estate question. We are not lawyers, we are not representing. We know what we are doing in a legal capacity but just telling you what we have seen out there. One thing is if Uncle Jimmy does a whole bunch of law but he's not real estate specific, I'd say go and find yourself a good real estate lawyer. We have a couple we use. Feel free to reach out and we'll connect you guys. Take care.
Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”