Ep. 117 | What To Do When A Seller Defaults


On this episode of the Mobile Home Park Lawyer podcast, Ferd explores how to keep a deal going when a seller is defaulting. Ferd goes through what to do when a seller gets cold feet, gets a better offer, or is hiding something sinister about the property. Ferd shares his own experiences with sellers which have saved him hundreds of thousands of dollars.




0:00 – Intro
1:04 – Ferd has seen it many times where a seller gets cold feet or a better offer and they don’t perform
1:59 – You should have a notice default, the contract should be clear as to what the notice requirement is
3:00 – what happens after they default, depends on the situation
3:25 – A lot of the time sellers feel sellers remorse or they get a better deal, as Ferd gives an example of when this has happened to him
4:38 – The treatment plan was off sight so technically they didn’t have it as part of the purchase package and explains why it wasn’t worth it anymore
6:15 – Ferd filed an lien and an affidavit of interest on the property, so if he tried to sell it later, they could be a part of it
8:02 – Ferd actually wanted to drop the deal at that stage after some research
8:57 – Ferd asked them to pay the $9,000 in costs and they did
9:44 – Ferd tells a story about a seller realizing they had a more valuable property than they thought
11:45 – Ferd got the seller to pay the legal fees and pay his client $100,000
12:21 – Ferd tells another story about putting some outs in the contract which came in very useful
14:01 – Ferd got some offers from local plumbers for $1,000,000+ and others wouldn’t even do it, meaning the owner knew about the issue and entitled them up to $200,000 but it’s still an open case
16:01 – The key was a well drafted contracts








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You can have results or you can have excuses but not both.

Arnold Schwarzenegger