Deal Collapsed

I have been chasing this project for about three months, but it collapsed. We did not even go to the financing stage. This is the most strange sale I have ever encountered, in that the seller does not really want to sell.

The seller put in obstacles one after another. First he refuses anybody to look at the property without an accepted offer. So I made an offer, and after much delay, got accepted. Then he said no viewing of the property without puting up a security deposit, which I did accordingly. After I viewed the property, the price is regotiated. So there was an settled offer.

When I went into the financing stage, he refused to give the financials for the past 2-3 years, so the banks could not proceed at all. Then he demanded that I have to assume his mortgage, and use his bank. So we have to change the offer accordingly.

After we changed the offer, he demanded that offer be conditioned only on financing, and inspection be waivered!

Since I really wanted the offer, I have to follow his demand every step of the way, but the demand of waivering inspection is too much, and has to be rejected.

So the deal collapsed.

It was a mystery why a seller would do all this to make the deal fail. Only at the late stage, the listing agent said that the property was owned by a group of partners/investors, and the guy who listed is in the driving seat. Other partners will try to force him out of the driving seat and will re-list it in the future. I suddenly realize that the guy may never want to sell himself, it was because of the fact the partners wanted to sell, he HAD to list it. But he then he would try everything to make the sale a failure.

I am not going to wait for the re-listing. I am going to spend the money on something else.