I have a seller who is now wanting to back of a contract. This contract has been tested in court previously (and passed) but not on this issue. Bottom line - I need frank advice from those who have been in this situation. Already have spoken to one lawyer on it. This is a good deal - got at less than 30% FMV. The seller is the sole homeowner.
Any advice? ???
Only you can make the decision. If you are willing to put in the time and effort and it is a really great deal…
if the money is worth it because we all know its about the money
Yes, I think it’s worth it (at the moment at least ;)).
Any steps I should take to start this process, like written notification sent registered mail, followed up by . . . that’s where I need the experience of those who have “been there, done that” to come in.
Thanks in advance.
I think we need more information. What’s the issue involved and what type of contract is it? A standard P&S? If it’s just a standard offer and you can’t come to an agreement on the P&S, there the seller can just terminate the agreement and give you your money back.
In this case it’s probably best left up to a lawyer as the states laws do vary. What you could do is sue him in court to force him to comply with the contract. You also register this suit with the registry of deeds so there’s a cloud on the title. Not too many people will want to buy it if the courts later decide in your favor and forces the sale. Lenders definately won’t touch it so you’d be in a pretty strong position once all this is explained to the seller.
Henry in MA,
Thanks for the advice. It is a standard contract of sale. The owner basically wants to rent in a certain price range (needs a 4 to 5 bedroom and is about $200 to $300 below the base rents for that type of house) and since that cannot be done in this area, we have the seller’s remorse going on. We have done a lot on our end to try to find a place for this family, I think going above and beyond with our time and services. On their part, I see little to no action. Would the courts look favorably on this? Basically this owner is not financially well off and I don’t think even if the courts enforced a judgement we would get any money. But I like the clouding the title idea in that if its such a problem to sell to us, then it can’t just be sold to anyone else.
Any more advice?
Yeah, we were thinking of that. In fact this is such a good deal numbers-wise we were thinking of kicking in the difference for a full year as a REAL incentive.
I’m presenting that tonight, my phone calls are being ignored so I’m going to attempt a face to face - wish me luck!