Posted by Garrett Sutton on February 18, 2004 at 08:19:15:
I wouldn’t worry too much. You tried to sell them, you advanced the money for advertising and they didn’t sell. Unless there is something in the agreement or the transaction that I am not aware of, what are the owner’s damages? He still has the houses. Would he bring a case for specific performance for $28,000? It would cost him more in legal fees, and I don’t think he has much of a case. You’re okay. Garrett
Made a big mistake - Posted by Craig
Posted by Craig on February 17, 2004 at 21:02:28:
Help. I did something stupid. I told an investor who has 3 houses for sale that I wanted to resell them. All 3 houses were for $28,500.00 total, for all three. Three weeks went by and I spent $500.00 in advertising and I could not sell them. I usually use my purchase agreement that has an escape clause, but I mistakenely used his purchase agreement with no escape clause. Now I am afraid he may want to sue for lack of performance since I do and am not going to buy the 3 houses. I know that I should have used an option agreement instead, but I was not thinking. If anyone can help I would appreciate it. I signed the contract with my LLC name and I am also afraid of having 3 houses under my LLC name.