Question About A Lawsuit On A Property
Hi All....
Ok...here is the backstory:
I have a friend who has a house that gets flooded constantly. He was sold the home by a realty company. He filed suit against the Realty company and the developer of the home who works with this realty company for non-disclosure (them knowing the property flooded prior to my friend buying).
Now the realty company wishes to settle with him out of court for the following: Pay off the mortgage and give him back the equity he has paid along with some more cash from the realtor.
My friends attorney told him that the developer wants the property back for a relative and is behind this purchase back of the property as well.
My Question is : Should my friend be concerned with anything or should he take the deal and run? He doesn't want to get burnt again from the realty company and the developer.
Any advice would be helpful!!
I personally would always have my lawyer involved in an issue of this magnitude. It sounds as though the real estate company is kind of mediating the buyback for the original seller, the seller could then turn around and disclose the flood issues and sell at a loss and probably their insurance company would cover the loss because of the legal issue. The prevailing party in a lawsuit is awarded attorneys fees in most cases so I would definetely have your friend consult an attorney.
I would settle for this, mortgage, equity, and then some on top of that for hassle, and possible loss of funds. Don't let them get the bigger hand on this one. Not disclosing this info is terrible bad for the realtors, they could lose their licence to deal, and even if they don't, they won't sell anything or get anything to sell after this goes public. Set a number in your head that you want and stick to it. But don't be too greedy and let it go to trial. Attorney fee's will take away most of everything you earn from this.
[addsig]