Call an attourney. Sounds like the holder of the L/O could defniantely cloud your title. Attourney S Allen Patterson in Cary is a good one to call. Let me know when deals come up in durham.
First, I am not encouraging the seller to weasel out of the contract. He said he wanted to. Second, I find no shame in being able to submit a cash contract when someone else is holding up a property; regardless of reason. If they (the LO holder) is serious then it is time for them to $hit or get off the pot.
I think you are going to be out of luck on this one. If the guy holding the L/O did his job, then he should have legal rights to the property and the owner should not be able to sell it to other parties unless someone is willing to sweeten the current L/O holder deal so he relinquishes his claim. He beat you to it and there is nothing he has to worry about.
Hello,
Sounds like their is enough profit to make every one happy. Have the owner offer to buy the lease option back at a reasonable profit for the L/O holder.
Win_Win
Call an attourney. Sounds like the holder of the L/O could defniantely cloud your title. Attourney S Allen Patterson in Cary is a good one to call. Let me know when deals come up in durham.
I don't think thats very nice incouraging the seller to default on his L/O. Would you appreciate me doing that to you?
I've heard you don't need a seller's signature for a memoradum of option so the seller may not know if the title is clouded or not...
If that investor has a new tenant/buyer in the property, it will get very complicated..
Bginvestor
First, I am not encouraging the seller to weasel out of the contract. He said he wanted to. Second, I find no shame in being able to submit a cash contract when someone else is holding up a property; regardless of reason. If they (the LO holder) is serious then it is time for them to $hit or get off the pot.
I think you are going to be out of luck on this one. If the guy holding the L/O did his job, then he should have legal rights to the property and the owner should not be able to sell it to other parties unless someone is willing to sweeten the current L/O holder deal so he relinquishes his claim. He beat you to it and there is nothing he has to worry about.
Hello,
Sounds like their is enough profit to make every one happy. Have the owner offer to buy the lease option back at a reasonable profit for the L/O holder.
Win_Win
... Or offer the cash to the new tenant. You obviously offered a higher price than the option, so he would probably be inclined to take your money...
iglooman
[addsig]
If the seller is WILLING to back out of one deal then you can surely bet the SAME seller will back out of yours.
Find a new seller, in my opinion, you are seeing a slippery slope, faced with seller integrity issues in the months ahead.
Keep us posted.
[addsig]