Re: Seller’s Atty calls to tell me I can’t… - Posted by Frank Chin
Posted by Frank Chin on May 05, 2004 at 07:25:13:
In my younger days, I’ve negotiated business deals, RE deals, then have the other guy say “let me check with my lawyer”. Afterwards, the lawyer would always re-negotiate the whole deal, blaming me, and the other guy for not knowing what we’re doing. Of course, since he’s paying, unless I walk away, the changes is always to his benefit.
I recall a deal where the seller was meekly staring at the floor while his attorney was giving the “you don’t know what you’re doing” speech. And when the attorney was done, the seller looked at me and said “I guess he’s right”. (referring to his attorney)
I’ve since learned to always have an attorney at my ready, as part of my team if you will, preferably an older guy, who can usually tell the other guy “I’ve done this and that for 50 years …”
The other thing I learned is in many cases, the cost of an attorney was minimal compared to the cost of the re-negotiated terms. If I were you, I get an attorney to tell this attorney the deal is legit.
I don’t know why you’re paying $1.00 for the appliances separately. When I buy my rentals, the P&S contract reads, purchase price includes “3 AC’s, 3 fridges, washer, dryer etc”. My guess is you’re buying the property with the appliances, otherwise, why would someone sell the stuff for $1.00 without the RE deal.
In fact, when the seller took a fridge after the sale in one deal, I countersued for it when he sued me in a small claims case, and I was upheld. He claimed I gave him the OK in a phone conversation, and I told the judge that RE contracts cannot be orally amended, and this P&S contract drafted by the seller’s attorney specifically says “the contract can only be modified in writing”. I said to the judge “I PAID for 3 fridges, and I only got two”. He nodded.
My take is, if this is a real good deal for you, instead of saying “he can keep the house”, just spend a few bucks on an attorney.