I found a home in Stoughton to purchase. This home is in deployable condition. I have an accepted offer to purchase this home for $125,000.00 from the Miller Group, with a deposit of $1,000.00.
The home is Purchase of 278 Powell St.in Stoughton, MA.
The buyers broker drafted up an Offer to Purchase the real estate on October 31. I signed the offer form and gave the broker a deposit check for $1,000.00 on November 1. On November 1, the buyers broker told me that the Miller Group (David Miller) would accept the offer. Over the next several days, I called the buyers broker several times to check on the status of the offer. I did not receive the signed offer back from the Miller Group. On November 10, the Miller Group (David Miller) cashed the $1,000.00 deposit check. I still didn't have a signed offer form from the Miller Group. I called several time again with no luck.
Finally, an offer was signed by Patricia Blair (owner of 278 Powell St. Stoughton) on November 16. At that point, I asked to gain entry to the property. I needed to write an estimate for Braintree Co-op bank. I could not gain access to the property until November 18, because the keys were lost.
After gaining entry on Tuesday, November 18, I wrote an estimate for the repairs in excess of $73,000.00. This estimate is required for Braintree Co-op Bank to approve a mortgage and construction loan needed to purchase this home.
After I gained entry to the home for my inspection, I reviewed the Purchase and Sale drafted by the law offices of Lee S. Kaplan, P.C. This agreement required 5 % deposit on the property without the approval of the financial institute that carries the existing mortgage on the property. I do not feel comfortable to give a deposit until Mortgage's/Investor's / Lender's approval, based on the amount of time to process a short sale.
I have made my changes in the Purchase and Sale and submitted these changes for review and acceptance on November 25.
On November 26, at 7:14 am, I talked to the buyers broker about the changes to the Purchase and Sale agreement. The Buyer broker stated that the seller don't agree with any of my changes in the Purchase and Sale. At that point, the Buyers Broker informed myself that the sellers agreed not to sell the Morris Company the property at 278 Powell St. Stoughton MA.
I am still interested in purchasing this property, and I am willing to give the 5% deposit to a third party (Lee F. Kaplan), once the financial institute approves the sale of the property. Also, I don' want to lose my deposit of $1,000.00. David Miller told Jim Molloy that the 5% deposit, must be written to the Miller Group. The Miller Group would not accept the deposit to a third party. David, told me that the deal was off.
I asked the Miller Group and Success Real estate to return my deposit of $1,000.00. Success Real Estate and David Miller denied returning my deposit of $1,000.00.
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