Seller walking away from escrow-dental office (real estate, 2015, apartment)

[yrahimi]

Sister purchasing dental practice in Bay area to close 10/30. Coming from 300 miles away, quit job, deposit on new apartment, vacating old apartment. Bank discovered liens (we don't know what these liens are) but said it's fine. They'd just be deducted from purchase price. Seller said they were aware. Then suddenly today, seller is cancelling all meetings indefinitely. Sister at verge of nervous breakdown, without a job, shelter, immense student loans, and we're all supporting our parent's living expenses. We're... paralyzed. Her attorney says she's in touch with them and for us not to contact seller ourselves. Begging for your wisdom

[pacific2]

I'm sorry to hear about your sister's plight. I'm not a dentist, so I don't know how available part-time opportunities are in her desired location. Still, it might help if she searched for opportunities at:

Physician Job Search, including Physician' s Assistant Jobs, CRNA Jobs, Nurse Practitioners Jobs, and specialty positions.=

Dentist Jobs, Employment in California | Indeed.com

About the housing situation, if your sister is not able to move into the apartment, then maybe she could stay at a hostel, a "Y, a motel," or someplace else while she thinks about which direction to take.

Regarding her student loans, have your sister check-out this article from today's NY Times and then contact the company that's servicing her loan:

EDITORIAL
Why Student Debtors Go Unrescued
http://www.nytimes.com/2015/10/07/op...ol-left-region

The people who service student loans often don't tell borrowers that there are very viable options available to avoid default.

Hope this helps.

[Axxlrod]

She has an attorney who has been in contact with them. Not sure what strangers on a forum could tell you that the attorney isn't. Good luck.

[USDefault]

Originally Posted by yrahimi

Bank discovered liens (we don't know what these liens are) but said it's fine. They'd just be deducted from purchase price. Seller said they were aware. Then suddenly today, seller is cancelling all meetings indefinitely.

To get to your closing set of documents, it is possible the sellers will need to bring cash to the close. Unless and until all liens are cleared, your asset is clouded and the transaction won't move forward. Are you buying only a business, or real estate and building as well? If real estate and building, you should have been given a preliminary title report, detailing any and all encumbrances. So you should know precisely what the liens are, how much, and how they will be satisfied.

Do not move forward with this purchase unless you are absolutely certain every last piece of it is in the clear. And frankly, given just your brief recitation, I'd run like hell from this transaction and either start a new practice, or join an established one. This deal has nuclear meltdown written all over it.