Posted by JohnBoy on January 27, 2005 at 22:25:38:
The Brokers were told??? There were brokers involved with this sale? Whose brokers? The seller’s? Yours?
Did you or the seller have an attorney involved representing either of you in this closing?
Sellers were in BK when they sold home - Posted by Denise
Posted by Denise on January 27, 2005 at 21:38:05:
We entered into an equity purchase agreement and L/O to purchase back the home at the end of the lease contract with sellers who were in the beginning stages of bankruptcy. The brokers were told the BK was dismissed before the house closed escrow. Two-three months after escrow closed we found out the BK had not been dismissed, the sellers were questioning the validity of the transaction, they were not paying rent, and were advised by an attorney that the house was still theirs because it was sold while in BK. The BK was eventually dismissed but the sellers are now suing us because of a techicality-a bond (required when 3rd party is involved with equity purchase transaction)was not presented to them at the time of the sale of their house. Would it be worthwhile or strategically sound to counter sue them for selling their house to us while in BK?