Posted by Rich-CA on January 15, 2009 at 13:26:43:
are too often not related. You can only control your own actions and I wholeheartedly agree with you that a person’s word SHOULD be binding and when they commit in writing it should also be binding. I found about halfway through my 20 years as a landlord that a shift had taken place and the old commitment model was giving way to a new “me first” model. I raelized this when I would make appointments to see a rental and not only did they not show up, they did not call and when called, did not answer or return calls. In other words, as long as it was something they wanted, then everything was OK but if they were no longer interested, even common (or now, uncommon) courtesy could hit the road.
Yes what they did was ethically wrong. BUT as time goes on, you will run into more and not less of that.
Hello,
I would like to see how other professionals would handle this problem.
I have a contract on a house. It is the 3rd contract. The first 1 was put on hold because seller could not get tenant out of house. The close date had come and gone by the time they evicted. 2nd contract was same as first but new price because of damage tenant caused and new dates. It happen to be in dec. now so holidays,damage,and price proved hard to wholesale. I re-negotiated with seller one day before contract ended.(although in 2nd contract I had 60 day extension)3rd contract, we agreed on lower price, assume mortgage and do owner financing, a few days later selller says i dont want to do that i need the money, my relative wants to buy. I say sorry we have a contract. A few days later I get told I wont sell to you. Now today I find out she signed a contract with another guy a few days earlier. He got a memorandum and I did not. I have 2 to 4 end buyers because I keep working on it to close as cash instead of O/F. besides attorneys what is the integrity thing to do? I dont think walking away is the answer.
Thanks for your input.
Re: 2 contracts on one house - Posted by Natalie-VA
Posted by Natalie-VA on January 16, 2009 at 13:15:00:
You don’t want attorney’s involved, but that’s what I would do. I would file a specific performance lawsuit and a lis pendens to cloud title. Everyone talks about how expensive that is, but it’s really not if the mere filing of the lawsuit changes the seller’s mind.
On the other hand, if you’re looking for a buyer and not intending to close yourself, I wouldn’t consider you a ready, willing, and able buyer. An attorney would be a waste of your money in that case.
Posted by Rich-CA on January 13, 2009 at 15:45:55:
walking away is the answer? Do you somehow want to force the seller to sell? That is going to take an attorney and court time because its already clear his agreements don’t mean much so unless someone holds his toes to the fire, nothing is going to change.
Im just saying I dont think walking away is right.
I worked hard on this and for them to have someone else make a little higher offer and they think they can take it is wrong.