Posted by John Merchant on November 04, 2004 at 10:59:07:
If you got a title policy when you bought, tell the title insurance co. about this immediately and they’ll have to stand behind their ins. policy, and get this mess straightened out or pay you for their screwup.
I’d have my lawyer look into this now, as you may have action against the realtor, the seller, and/or the title co., and it’ll probably take a lawyer to get to the bottom of it.
County foreclosed on the wrong person?..HELP - Posted by Dave(TX)
Posted by Dave(TX) on November 04, 2004 at 08:40:29:
Well i get right on it. A realtor calls me about one of her clients Who bought a property at the county tax sell.Tells me her client underestimated the work needed on the house and her client wants to get rid of it.For simplicity sake i will use hypthetical numbers.
SHe paid 10,000 at the tax sell for the property in march of 2004. It is now october when she wants to sell.
I made an offer of 7500 and i that iwould pay all closing expenses and to close within 30 days.
SHe verbally agreed true the realtor that i could start working on the house as long as i close on the agreed time frame.
Well right before closing the title company calls and say the county foreclosed on the wrong person.
Since i was buying for less than what the realtors client paid at the tax sell. She decides to back out of the contract and let it expire and will go back to the city and demand the whole 10k she had paid for it.
NOw i am out about 4500 dollars and no property.
The realtor tells to file mechanics lien.
What do u all think?