House Contract Question

[Maikeru-sama]

Peplaw, yes all of the lawyers were very expensive but I believe they were very honest and frank with me.

One Lawyer said that the case could take 3 years. He said he had one case go to the Supreme Court and even then, they decided to settle.

Most recommeneded that I do everything short of going to court and spending major bucks. Most just said spend a few hundred bucks to get a lawyer to draft a letter stating that they will be sued if they dont show up at the closing table and send it certified mail. They said it didnt mean that I agreed to go to trial but that it was another way of scarring them.

The Seller's wife has not responded to my email. My guess is that they will go in hermit mode (Naruto style) and just hope it all goes away.

It really sucks that people can do this and the offended party has to spend thousands of dollars in court fees making them pay.

 

[Jon88]

This may be a blessing in disguise. I remember when my dad had saved up enough money from his business and bought a foreclosed house in a very nice neighborhood for next to nothing. He told me about a smaller house in the same neighborhood that he was screwed out of. My Dad said the same thing you just said about it. That was in 1995 and I guarantee you he could more than double his money if he wanted to sell it.

 

[Maikeru-sama]

This may be a blessing in disguise. I remember when my dad had saved up enough money from his business and bought a foreclosed house in a very nice neighborhood for next to nothing. He told me about a smaller house in the same neighborhood that he was screwed out of. My Dad said the same thing you just said about it. That was in 1995 and I guarantee you he could more than double his money if he wanted to sell it.

Yeah, everyone kept saying things happen for a reason.

But I told everyone saying that you have to look at it from my perspective. I am a first time homebuyer, so this is my experience and it wasn't good.

I think part of the problem is that I got emotionally attached to the property and my Real Estate Agent told me today that he thinks that we negotiated such a good deal that this is the main reason the Seller changed his mind. He thinks he lost his job but he said he probably resented the deal.

Like I stated, the only problem I may have with the house is that it is on one of the busier streets in Murphy, TX. Besides that, there is no "CURRY" smell, I only have to buy a refridgerator (as oppose to having to buy all major appliances) and there is already wood flooring in the house.

Now I have to get a contract on the house so others wont come take it from me. If someone else gets it, you guys may never hear from me again :laugh2: :bang2: .

 

[Jon88]

You wanted too much out of the deal? Did you guys get too greedy? That might be the reason behind all of this.

 

[Maikeru-sama]

You wanted too much out of the deal? Did you guys get too greedy? That might be the reason behind all of this.

I think you misunderstood.

My Real Estate Agent said he thinks we got a good deal and once the seller lost his job, he probably resented the deal.

The bottom line is any buyer can ask for whatever they want, it is up to the seller to say yes or no. In this case, the seller agreed to everything we asked for and signed on the dotted line and even wanted to close quicker than I wanted too.

The seller agreed to pay all closing costs and give us 2K for carpet allowance. He also lowered the price of the house 3,000 and it was already 5,000 off the original listing price. If that is being greedy, im guilty as charged.

It is one of the worst mortgage meltdowns in history and thus it is a Buyer's Markert, so Sellers are going to have to make some concessions.

But the the real bottom line is that we had a SIGNED contract and he is walking away. Every lawyer I spoke too said it was slam dunk case but it was going to cost me.

 

[Jon88]

I think you misunderstood.

My Real Estate Agent said he thinks we got a good deal and once the seller lost his job, he probably resented the deal.

The bottom line is any buyer can ask for whatever they want, it is up to the seller to say yes or no. In this case, the seller agreed to everything we asked for and signed on the dotted line and even wanted to close quicker than I wanted too.

The seller agreed to pay all closing costs and give us 2K for carpet allowance. He also lowered the price of the house 3,000 and it was already 5,000 off the original listing price. If that is being greedy, im guilty as charged.

It is one of the worst mortgage meltdowns in history and thus it is a Buyer's Markert, so Sellers are going to have to make some concessions.

But the the real bottom line is that we had a SIGNED contract and he is walking away. Every lawyer I spoke too said it was slam dunk case but it was going to cost me.

It was just a question. I wasn't insinuating anything. When I read the guy was resentful thats when it popped into my mind. I didn't know the guy lost his job in the process of this.

 

[Maikeru-sama]

It was just a question. I wasn't insinuating anything. When I read the guy was resentful thats when it popped into my mind. I didn't know the guy lost his job in the process of this.

He claims he recently lost his job. However, his wife has been complaining about their new house ever since both parties signed the contract for me to buy his old house.

Honestly, it is already documented in this thread what happened.

Again, if he lost his job, why is he so willing to be saddled with two mortgages? Most sane people would love for someboy to be knocking on their door to take one of the their two mortgages off of their hands, God knows in this time that is 100x true.

He didn't lose his job, his wife saw a snake in their new house and like their real estate agent told my real estate agent, she hated their new house ever since.

He is going to try to sell that new house before his first mortgage payment is due and if he can't sell it, then his lender is going to get "Jingle Mail".

I feel sorry for his lender because they are about to have to foreclose a few months after giving the guy the loan.

 

[Jon88]

These people are crazy.

 

[Maikeru-sama]

These people are crazy.

Yep.

I can't wait to be done with them.

 

[jksmith269]

He claims he recently lost his job. However, his wife has been complaining about their new house ever since both parties signed the contract for me to buy his old house.

Honestly, it is already documented in this thread what happened.

Again, if he lost his job, why is he so willing to be saddled with two mortgages? Most sane people would love for someboy to be knocking on their door to take one of the their two mortgages off of their hands, God knows in this time that is 100x true.

He didn't lose his job, his wife saw a snake in their new house and like their real estate agent told my real estate agent, she hated their new house ever since.

He is going to try to sell that new house before his first mortgage payment is due and if he can't sell it, then his lender is going to get "Jingle Mail".

I feel sorry for his lender because they are about to have to foreclose a few months after giving the guy the loan.

in some states not sure if it's all and not even sure if it still exists but it used to be if you failed to make your first payment reguardless of reason they could reclaim the house much quicker than going through normal forclosure procedures. again this was years ago that I heard about it and not sure if it's still the same.

BTW you are assuming that they had actually closed on the other house it could be they had a offer in on it with a condition that their house sell, which in the state of Ga the seller on a coditional sell can still sell the house to another party if they are able to close sooner than the original person buying. I myself just had this happen to me... They gave me 72 hours to close which I wasn't prepared to do so we axed the contract. So it could be possible they missled you into beleiving that they had closed on the other house when in fact they had a contract which has since fell through so they are back at sqr 1 and instead of losing the house they have, they are screwing you... and you can't go by what their agent is telling you it's their job to protect their client so if it would help the sell of the house they would tell you they had already closed on the other house instead of telling you it's coditional upon you buying the house...

BTW your agent could find out if they actually closed on the other house as it's public record and the MLS listings may contain it...

 

[Maikeru-sama]

My Real Estate Agent cannot look up the seller's information without at least knowing the property address. We can go to the Appraisal District Websites, which we need to know which county he bought the house in and he just closed on the property so the Deed isn't going to show in his name until at least a month or so.

True, their Real Estate Agent could be lying, my inspector, who saw the seller and his family on the way to pick up their keys could be lying, everybody could be lying, I get it. But at the end of the day what does all that have to do with anything?

We had a binding contract and even though I am probably not going to pursue it, the fact remains I have a legal right to take possession of the property if I chose to go through the court system.

You can talk about how they are screwing me and this and that but what goes around comes around and they will get screwed eventually.

I'ved moved on to other properties.

 

[Jon88]

I would definitely move on. You don't want these people mad at you for the rest of their lives. They sound crazy.

 

[burmafrd]

Sounds like House#2 is a better deal despite the busy street. You can get used to that- I once had a mobile home about 50 ft from a US Highway-in six months I had tuned out the noise.

I will be driving through texas visiting friends next week- just give me an address and I can visit your "former" sellers.

 

[Maikeru-sama]

Sounds like House#2 is a better deal despite the busy street. You can get used to that- I once had a mobile home about 50 ft from a US Highway-in six months I had tuned out the noise.

I will be driving through texas visiting friends next week- just give me an address and I can visit your "former" sellers.

Yeah, a co-worker told me she lives on a busy street and you tune it out. My real estate agent lives right off I-75 and he said the same thing.

We submitted an offer today, it has been rejected and we are waiting for a counter offer. I am willing to go up 5000 to 6000 and put a larger downpayment down but that is about it.

Based on my past dealings, I wouldn't be suprised if this one gets away.

 

[Maikeru-sama]

I would definitely move on. You don't want these people mad at you for the rest of their lives. They sound crazy.

Yeah, we are going to let them know that they can just give me my money back I paid for the inspection and they can go on with their lives.

 

[Bob Sacamano]

mick, let me firebomb their house at least...

 

[Maikeru-sama]

Whew, just finished negotiating a verbal contract on this new house. Me and the seller have been haggling over price for 2 days and dang near every minute today.

I will give some details tommorrow, but I believe I got a very good deal based on comps, appraisals etc etc.

There is one little wrinkle me and the seller need to talk about tommorrow, but I dont think it will be that big of a deal.

 

[Faerluna]

Whew, just finished negotiating a verbal contract on this new house. Me and the seller have been haggling over price for 2 days and dang near every minute today.

I will give some details tommorrow, but I believe I got a very good deal based on comps, appraisals etc etc.

There is one little wrinkle me and the seller need to talk about tommorrow, but I dont think it will be that big of a deal.

Good for you! What a rough road.

Now you just have to start working out with your writing hand so you don't pull a muscle signing all the paperwork.

 

[WoodysGirl]

Good for you! What a rough road.

Now you just have to start working out with your writing hand so you don't pull a muscle signing all the paperwork.

You are sho'll right!

I swear my hand cramped up towards the end. And then when I refinanced, I changed my signature. Initial and last name only.

 

[Maikeru-sama]

As you all know, I sent the Seller an email informing him that I intended to sue for specific performance of a contract on Monday after his wife contacting me and all parties involved with a contract (she used the wrong freakin form by the way) stating their wish to terminated.

Of course, I have moved on, just want ALL of the money I spent on their house and have found a new property and extremely close to getting a contract on it.

A few minutes ago, my Real Estate Agent told me that the seller at the old place was scared to death of the email I sent, they sought legal counsel and their lawyer told them that they didn't have a leg to stand on and now they want to continue with the deal but (it is always something with these freakin people) they want to push back the closing date.

My Real Estate Agent wanted me to wait to give them an answer until this new house has a contract but I told him I don't want the old seller's house no matter what happens and I just want ALL of my money back. They don't want to sell me their house and I will always have that thought of what they will do to the propert if I force their hand and they seem to change their mind about everything every other day.

**Phone just wrung, Agent calling about the new property. Now me and the new seller or haggling over a few hunderd dollars .***


But anyway, it is funny how that email I sent them scared them really bad. I think them being scared for 5 days is enough to teach them a lesson that you don't back out of deals whimsically.

My Real Estate Agent thinks that their Real Estate Agent will just pay me my $400 out her pocket so she doesn't have to deal with her clients anymore. That just shows you how insane these people are.