Additional Info on my wife and I wanting to get out of our purchase agreement
To all that have applied to my previous post on if my wife and I can get out of our purchase agreement. Thanks for all your advise. For those that dont know our situation, my wife and I were planning on purchasing a home and actually were do to close on the house at the end of the month. We just found out that we are going to be having our first child in December and have now decided that we want to move closer to my family. The problem is we live in MN and my family lives in FLA. We have talked now to countless people and everyone seems to agree that we should not have a problem getting out of the agreement. Today I actually called my agent back and used alot of the advise you all gave me and told him we wanted out of the purchase. After a little bit of venting on my part, the agent changed his tune and said he was going to do his best to get my earnest money back. Well, unfortunately it looks like the sellers are going to want to try and pursue something in court. I got a letter from the seller, who happens to be a real estate attorney and she wants to sue me for "specific performance of the purchase agreement" Of course she went on to threaten me with "so such a suit on my part costs me nothing but time, while I on the other hand, will incur thousands of dollars in attorney's fees." Isnt that nice!! I would like to know if anyone knows what she might try and get or what am I looking at if she actually tries to sue? Again any of your responses would be appreciated- it really helps to hear all your valuable information.
Thanks,
Jim and Alana
You might want to also let the little....Lawyer chick know that while she is not utilizing all her valuable time trying to get back your earnest money she will not be making any money at work either...smirk....also she cannot sell the house to any other qualified buyers while this house is in litigation...even funnier...tell her that you have all the time in the world to do all this as you are independently wealthy and have your rich family to back you up on the legal fees....heheheheheh.....she will back off if she runs on any logic....smirk....you are in the drivers seat also if you find anything you can think of wrong with the house also. I would also say that you need another Lead Paint evaluation and also an asbestos check not to mention a check for any undisclosed things like buried possible leaking oil heat tanks.....smirk. that might make her back off as well. good luck in your lawyer shoot. P.S. also tell her you will counter sue her in small claims court in increments of the loss you incur if she does win the case if she persists. You can file against her for around 20.00 and give her nothing but grief, as you argue with the judge that she cannot represent herself there as she is a bonafide lawyer and they are not allowed in small claims court actions....double smirk. go get em!!
kelti57,
This is what I would do, first have no conversations with the seller whatsoever. When anyone mentions the word Attorney all conversations cease period.
I think in law school one of the things they teach is "An Attorney who represent themselves has a Fool for a client."
What thousands of dollars you will spend this one is so easy say you are going to handle it 'pro se' or represent yourself. If this Attorney stops chasing ambulances long enough to even do anything about it I would be surprised.
What are the litigation damages they still can sell the house, the deposit was put up so they would have a right to the deposit if you change your mind unless State Statutes say differently.
If it gets to the point you need an Attorney then so be it, however I believe this is the old intimidation tactic Attorneys often use, like you are suppose to roll over and play dead. You will have to be served first and at this time you can contact an Attorney if need be.
John $Cash$ Locke
Thats unfortunate that of all the deals you would have to have it be with an attorney.
What I think I'd do if I really am not getting any legal advise, is call the local board of realtors, find out which attorneys serve as affiliate members, call one and go talk w/ him/her. These attorneys participate primarily in real eatate law and some help to write the contracts. You should get a straight answer to help make your decision
LynLinz,
I would not advise them to talk with anyone at this point, remember there is an Attorney involved, so anything they say to anyone except there own personal Attorney may come back to haunt them.
What do you think the Board of Realtors Attorneys are going to say they represent the Realtors. Should the Agent and Broker become involved in any litigation this could turn against them.
Talk about inviting the lamb into the lions den.
John $Cash$ Locke
No..... I'm not saying that these attorneys represent Realtors They are in Private Practice, They affiliate w/ realtors to get business such as title work etc.
They know the contract If you get w/ an attorney that does not understand Real Estate Law you could be wasting time and money and probably poor advise.
Its getting close to the closing, I'm just saying to get better [legal] advise than we are all stating so they know all the ramifications and decide what they will do
I was suggesting the "type" of attorney to talk with IF they did not have any legal advise as yet. They need to speak to more than their"agent" who knows what he knows and he should tell them to get the advise of an attorney
PS I'm going to bed,
I"m sure we'll all work it out [and still be friends!]
Peace
LynLinz,
Sometimes opposing views are important, never take it personal only business, I enjoy your posts and sometimes my dry sense of humor is not taken in the light it was intended, especially if you are on the receiving end.
You are on my good person list because I can see you care about helping here at TCI.
So Lyn how are things going for you in your investing career?
John $Cash$ Locke
There IS something (in MN at least) called specific performance where the court can in fact force you to go through with the sale. However, as I'm sure you can imagine, it is extremely rare.
I would recommend offering to forfeit your earnest money in return for a full release of any other liability; 2 weeks out from closing I think that is only fair (IMHO) as they may be losing out on the purchase of THEIR new home.
Being that you're dealing with an attorney I would tread lightly and perhaps get your own attorney involved. May I recommend Fred Kreitzman with Felhaber... he is a good real estate attorney. Pay him the $100 to write a letter on your behalf.
I am still not clear on who is the listing company for the Seller, but I would probably recommend having the listing broker try to reason with the Seller. MN rarely favors the sellers in these situations and I really don't think it's worth them fighting, but on the other hand if all contingencies have been removed they may have a leg to stand on.
Have you received FINAL approval on your loan? Is there anything you can do to stop that from happening, so that you can get out on the financing contingency? That would be your only out, I imagine.
I really think if you offer to forfeit your earnest money they will drop it. If you're going to fight for that it might just make them angry and they may pursue it. Again, it's only fair that you do so if all contingencies were removed and you're only 2 weeks from closing. If they don't drop it at that, they're just being stupid, because they probably won't win. I'm not giving legal (or Realtor) advice, but I don't know that I'd even bother with an attorney other than the initial contact. Put it in writing that you'll give up the earnest money (on the cancellation, check the "retained by sellers" box) as that will show a good faith effort on your part to resolve the situation.
Good luck...
Oh, Oh!
I already know the answer to this one if the Seller is an attorney, but did you BOTH sign the arbitration agreement? If you did, they CAN'T sue you, and have to take you to arbitration.
However, attorneys NEVER sign it because it would put them out of business to have things resolved that way. But it doesn't hurt to look. It is an addendum to your purchase agreement.