Posted by John Merchant on November 07, 2008 at 16:09:28:
I’d think your lawyer would really look forward to suing them all here, then he’s got all the defendants blaming and fighting each other while he and you just sit back and enjoy.
Parties I’d sue: Your broker and agent, Seller’s Broker and Agent, title co., bank and Seller if he signed agreeing to something and then didn’t deliver on it.
In fact I’d wager that a certified letter (with receipt) to each and all telling them that your suit is on its way, would probably get them all to the table trying to settle with you before they have to go spend money on their own lawyers.
Deed not same as purchase agreement - Posted by Ken L (MI)
Posted by Ken L (MI) on November 07, 2008 at 10:36:26:
I was wondering what I am looking at collecting if I sue on this matter.
Purchase agreement was for the house on a 100’ lot. So was the listing obviously. I get to closing, I am pumped up and don’t see that it says 50’ lot. My agent doesn’t see it either until the next day when I go down to get a survey done on the place (wanting to split the lot). So the deed comes in the mail that day and it says 50’ lot. My realtor says this is just a paperwork mixup and they’ll get it taken care of. I dig in on the remodel.
Months go by with me asking weekly where we are at with the lot. I keep getting brushed off and told it is “almost done.” I get to the end of my rehab and apparently what happened was the foreclosure on it was done improperly and the original owner still has the legal rights to the lot. So I won’t be getting the lot now. No big deal, but I paid for it so I want some money back. No joy on that either.
I have my attorney look into it and we send out letter to the title company, listing and selling agents, and the foreclosing bank. We get a few responses. The listing agent says that he notified my agent by sending him the deed for the 50’ lot a full ten days before the closing. Well, he did but the heading on the email was something to do with adding my wife’s name to the deed. So my realtor missed it. He admits that he screwed up but still blames the other agent.
So I have to sue to get my value for what I purchased. I have to sue the listing agent for changing the deal, and my buyers agent for not catching it and stopping the deal. My realtor says that he will accept responsibility but I have to sue them so his insurance will settle. So I see a few more realtors and finally got it listed.
Bought for 19k
Put about 50k into it (roof, siding, windows…all new interior…everything but the studs)
I have about 70k into it.
Listing for 99k. New and old realtor believe I’ll make about 95k on it.
Less say 10% for all my fees (6% to realtors plus anything else)
Total profit (85.5k - 70k)= 15.5k
If all goes well. Fingers crossed.
So what am I looking at from a legal standpoint on this?