Quote:
Originally Posted by KC911
This is an interesting thread ....
When I "make a deal", I'm a man of my word, and will do what I said I would do within reason. I will never look for a technicality as a way to get out of the deal I made either. That makes me a lousy LL and business man to some perspectives, but I simply do not care about $$$ that much. I sleep well at night and am financially secure .... retired from the corporate gig 14 years ago (at 48) and never looked back. Life has never been about $$$ for me .... or I would surely have approached things differently along the journey.... but that's just me.
If I were in Lee's position, I'd do nothing and say nothing, hoping the tennant doesn't come up with the financing to purchase, but if he did, I'd do what I said I would do, and not look for an "escape clause". Am I a sucker for being like this?
Don't know and don't care  ....
That's just how I roll ... |
I don't think the wording of the notice clause is a technicality, as much as it is just part of the contract... what you have to do if you want to consummate this deal. A technicality could be to say I'm refusing to sell to him because he failed to provide me a copy of his renter's insurance policy "within 10 days of acceptance" as stated by the contract, which, he did not. My pov is the written notice is a fundamental part of the contract... sort of like the expiration date; the insurance is trivial.
While $50K is not going to make me or break me, this house represents an income stream for me and if you carry that cash flow out for the next 30 years, plus appreciation, then there's quite a bit more on the line. As I state earlier, I was mentally prepared for him to buy and take the loss. Had that happened, I would 1031 into another property. Something that's easier said than done in the current market.