Vendor wants to terminate- moral dilemma

The 3 deals the Vendor is cancelling, does that include the purchasing of another property to move in to? If this is the case it does sound like there could be a major problem.

 

From what I understand with a subject to sale contract that if the vendor receives another offer then they let the current buyer know and they have a certain time period (48h?) to go unconditional on the contract. If they are unable to then the vendor can sell to property to someone else. This does not seem to be the case here?

If it were me, I'd dig deeper, find out if they actually are sick (drs reports?), their reasoning, my motivations then have a long hard think about it. The right thing to do (which is very objective) is not always the same as what the legally binding outcome is.

 

Sometimes the legalities vs practicalities do not match. Worst case do you have the required 100-200k to sue for specific performance? If not how do you intend to enforce the contract if the vendor digs their heels in and the threat of suing doesnt force them to settle.

 

I have had the exact same thing happen to me too. I would be very sceptical of their motives. Just make sure you are ready to settle on settlement day. If you tell them no there may be some hostility there and if you delay settlement they could potentially terminate the contract and keep your deposit.

 

Typically, rental yields on acreage is low.

A property in our street (in Brisbane) sold a couple of months for $958k. Last weekend it was advertised for $510pw. That is a yield of less tha 2.8%.

Not good if you are paying 4% interest. I suppose you can always claim negative gearing benefits

 

That's better yield than my old home.... $1.35mill house, rent would be no more than $650/week...

 

I bet your old house is in Sydney. In Brisbane, one would expect a yield between between 4% and 5%. In Sydney, these yields are dream time.

In Brisbane, 2.8% is awful!!!!

 

No no. I meant rent elsewhere after they sell..
I have empathy and all, but there is always a story behind every property sale.

 

Soooooo this happened tonight without organising it. Got home from my boys swimming lesson and they were waiting at my home for me, as he said he just didn't know what else he could do. After we told his agent we were going to carry on.

And I'd say they are pretty genuine, having a 60yo bloke fighting back the urge to breakdown in front of you is not very nice.

Now im lost, im a bit of a ruthless ******* at the best of times but it really did do a number on me.

 

So what sort of illness?

 

Was thinking the same.

Also,

Doesn't sound like you're that convinced on the property - maybe it's a blessing in disguise?

 

Not so sure it couldn't be a shock diagnosis.

A couple of years ago, my ex colleague found out she had incurable bowel cancer and only lived a few weeks.

Someone at my current work was diagnosed with cancer and also died about 8 weeks later.

It is plausible that people can be struck down with no warning.

 

I remember my grandfather in the backyard running around (yes, running) playing chase the ball with my dog and my dog always ran out of steam before my granddad. He had a Drs appt a few days later because of a lump in his abdomen and 42 days later he passed away of pancreatic cancer.

It can sneak up behind you and hit you like a mack truck when you least expect it.

 

I also had a client who was diagnosed with pancreatic cancer and she died 51 days later.

 

Oops... and now op has confirmed it seems legit as he turned up at his house! (Posted while I was writing my post)

 

But remember.. some people are good actors/liars too.

 

Very Very not nice turning up at your house...
Discussing 'business' in front of your kiddies.
It would put my friend in a really bad mood if someone did that.
Your privacy is yours!
I hope this helps

 

Yes. The story sounded a bit vague to me

 

On the other hand, maybe the vendor was desperate and thought that the 'human to human' approach was best.

I can completely understand it.

As for discussing things in front of the kids - I'm not sure why this would be considered an issue. If the kids did hang around, (and were old enough to understand) it was a good chance for the adults to model tolerance, empathy and kindness. And it sounds like this is what Joshwaaa did. It doesn't mean he has to agree - but attitude is key.

Most likely, though, the kids didn't even notice!

 

Gosh, what a difficult situation you are in. I would certainly struggle in those circumstances. I am sure you will make the decision that is best for you and your family, that fits within your values system. Good luck!