how to declare buyer default - Posted by kris

Posted by Rick, the Probate Guy on August 05, 2008 at 21:20:02:

Part of the culture of posting on an open, public forum, especially when you are asking for advise, is that you’re sometimes going to get advise that you don’t like. Perhaps because you disagree with the remedy, have a personality clash with the responder, question the qualifications of the poster, or just don’t want to hear what other people have concluded about what your situation is.

That’s part of the public part. Frankly, I think that the post that you’re responding to is spot on. I’m not judging you as a person in any way; I’ll bet you’re a very bright, interesting person to meet and speak to.

However, you are asking for people’s opinions, aren’t you? You don’t have to agree with a single one of them. However, whenever I’ve queried my advisors for their thoughts and filtered them to the extent that I eliminated all those responses that tasted bitter (or hurt my feelings and my all-too-delicate ego), I’ve paid a larger price. Each and every time.

I used to have a neighbor around the corner from me. He would occassionally use my advise in lieu of paying for professional help (i.e., an attorney and a CPA). I told him that I could only help him in a general way and was not qualified to help specifically. His Daughter took after the Dad and would also call upon me for help.

But neither would spend the smallest bit of money for good advise. Too bad, too. When they lost their home due to their investment property with the cross-collateralized loan going bad, there was nothing that any of us could do to help them. They were toast.

And I certainly wouldn’t want my former neighbor’s fate to happen to you.

So, that’s the price we all pay. Take the best, and leave the rest. Take the advise graciously.

how to declare buyer default - Posted by kris

Posted by kris on August 01, 2008 at 24:46:25:

I invested in a 26 units medical building with 7 other investor in Socal. The goal is to sell off 14 units to payoff loan and keep the rest. But due to down turn of the real estate market, we only sold 5 units. Now the construction loan is due. We all decide to come up with money based on percentage of initial investment and distribute the units accordingly. But we have a problem, we still have 3 units in the escrow with a buyer who initially plan to buy the units and do a 1031 exchange. But his 1031 deal fell through,and the buyer could not get financing. We have got all the deposit already, the escrow was schedule to close back in June. Now the loan in due in less than 15 days, we are unable to open the escrow for the partner to take title. We offer buyer a new P&S with new owner, they refuse to sign the new P&S or cancel escrow. I like to know how to declare buyer default and what is the time frame and the process, and the chance of us keeping the deposit. Thanks in advance for all your help

Re: how to declare buyer default - Posted by blue206

Posted by blue206 on August 03, 2008 at 15:13:09:

You’ve been willing to buy sizeable medical bldg but not willing or interested in getting pro legal help (YOUR LAWYER!!!)to help you get those bums out of there.

Amazing is all I can say.

Re: how to declare buyer default - Posted by Kris

Posted by Kris on August 03, 2008 at 16:57:18:

Thank you for your lousy comment.