Dear Sir,
I need your assistance please. I am in the process of closing on a 1031 exchange. I have identified 3 properties. One of the properties, a duplex was listed for 290k. I received an appraisal resport and the property came it at 180k. This is 110k less than the listed price. After notifying the broker who represented me, he told me there is no ways the seller will drop his price. And also because I have expired my 45 days, I cannot identify another property.
Despite crying to the broker that i will have to pay 89k in capital gains should this deal not go through, of which i cannot because the other two properties requires a 20% down payment since they are rental income properties. The lender will only loan me $180k since that is what the appraisal came in at. Finally the broker emailed me and told me, that it is a miscommuniction of his end, that he failed to disclose to me that at the time of the listing he had mentioned to the seller that the price was too high. This I feel should have been discussed with me, the buyer and also this should have been told to me before my 45 days expired, since the broker was aware there is time-frames in volved because of the 1031 exchange requirements. I am stucked with this huge problem and trying to find a way to solve this problem. The broker seems to be not interested and tells me there is no ways the seller will drop his price. I feel that I have been misled by this broker due to lack of disclosure as to the right price of the duplex.
Please contact me either via email [email protected] as this is very urgent, and I should have closed by now, I too am concerned that the seller might keep me liable for not closing on time. Please if you have an idea for me to deal with this issue or a real estate litigation attorney out there can contact me
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