Lawyers...owner Carry Enforcement
I purchased a home, and because of my over full price offer, I received an owner carry agreement that looked like this...
40,000 note @9%/3years interest only
all interest was to be pre paid, which total 10,800
which meant I should be cut a check for
29,200 within days of closing.
also, because my offer was so good, I would owe 30,000 at maturity of 3 years instead of 40,000.
Owner now is renigging even though I have him and his wife signing the deal.
deal says breaching party pays legal fees, and it has already been 8 months.
Any attorneys that have advice, or are in orange county, CA? Please give advice, or call if you can help.
IMHO, under CA law, you could legally force seller to perform his agreement.
See a knowledgeable RE lawyer without delay so he/she can file a list pendens then a lawsuit to protect your interest.
John Merchant
Leave them alone and go find another deal you big meanie
Thanks for the advice John. And as for the other guy, you may want to ask the board if they can lower your status back to Freshman investor. If your post is not entertaining, enlightening, or otherwise helpful, you may just want to keep it to your self.
I thought his comment was entertaining... Suggest you lighten up!Big meanie.[ Edited by pmatheson1 on Date 12/19/2003 ]
Ok, do you really want to waste money you could be making elsewhere, on litigation? Since an appeal to your heart falls on emptiness, perhaps your wallet will get your attention. Litigation is expensive, and if you lose then the deal isn''t as great as it seemed. Also, there are two sides to every story. Why are they backing out?
Merry Christmas
Thanks for giving me something to work with. They are backing out because they say "you should just go get the loan from someone else." To me this is unacceptable. I have a contract that provides for legal fees, and it was his terms. Mostly he doesn't want to pay because he is an attorney, and he thinks I will back down. I am not sure why you think I am a meanie...I haven't even mentioned plan B yet.
By the way, I do pretty good, and I sure as hell aint walking away from 30k. Especially from a snot nose attorney that owes me the money. I already had a chat with his wife, and she has assured me I will get the money, I am just tired of waiting, and am exploring legal options. Going and getting another deal is not an option...I am already doing that regardless. With that said, I do appreciate your second post. I may not agree with all of it, but it is a legit point, and I have been know to hold a grudge a bit too long. With that said, he'll pay! I did not get what I have today by backing down.
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