Moral Obligation Or What??
Hello all,
I was to close on a house next week. A fellow investor bird-dogged this lead to me. Well, a week before the closing he calls and states that the seller wants me to put $10k in escrow for the deal, and ofcourse I'm hesitant of this since the closing is less than 2 weeks away, but he says its becuase the owner is taking a vacation in Greenland for 6 months and wants to know that I'm serious. He then states that if I dont close on the house he will purchase the house himself since there is a good amount of equity. Well today I round up the $10k to send to the title company and he tells me that because in his purchase contract with the seller stated that it was an all cash deal, she didn't want to have to deal with us having to conventionally finance the house. My question is, I signed a note with his closing agent stating that I would be held accountable for paying the surveyor if we didn't close, but we didn't close because we didn't want to, we didn't close because his seller didn't want to. Should he pay the surveyor or should I be stuck? He also has another property that I told him I would be interested in, we're suppose to be working on that one next week. Thanks, Tim
bump! 8-)
Your post is very confusing your talking around in circles to get to a point.
You signed a note saying that you will pay. So you pay.
Should you be rembersed by the birddog? I don't know I thought that you were closing next week.
Hi La,
Sorry is I confused you, I was emotional at that time. I'm no longer purchaing that property, the bird dog has decided to buy it himsef. Thanks, Tim
TIM --
Sounds like your "bird dog" person took the deal from you and now you are stuck with the surveyor's costs.
ALL REAL ESTATE TRANSACTIONS SHOULD BE IN WRITTING ... contracts, counters, addendums etc.
Your comment that the bird dog person "calls and states the seller wants me to put $10K in escrow for the deal ...". Did you see any written contract (addendum) from the seller??
If you still want to work with this bird dog ... learn to have all real estate transaction in writting ... verbal will not cut it in court and now title companies want to have copies of the purchase contracts.
About that "note" you "signed with his closing agent stating that I would be held accountable for paying the surveyor if we didn't close ..." When was that "note" [addendum] signed ... At the beginning of the escrow ... Or just before your escrow started to fall apart?
Cheryl Lopez
If you get conventional financing then THAT IS an "all cash" deal.
Afterall, isn't the seller walking away with a check for the full amount??? No seller carries, lease options, etc. That is what an all-cash offer is.
Your seller seems to think that an "all cash offer" means you have money in your own bank account. That isn't the case.
Cheryl, I signed the addendum at the beginning of the deal. Hibby, I agree with you, I didn't understand what he meant by the seller wanted an all cash deal, when he said that I was like, shes getting a certified check, what more could she ask for?!?!? Tim
If you have a contract and can close then they will have to honor it. IF they do not honor it then record something on title that lets everyone know you have an interest in the property. That way they will have to pay you off before anyone can close on the property. [ Edited by tbelknap on Date 05/17/2004 ]
your bird dog sounds untrustworthy, and I would not work with him in the future.
Since when does a bird dog start dicatating to you what you need to put in escrow, etc.?
Was he assigning the contract to you, or just pointed the potential deal out to you?
If he was assigning, that is NOt a bird dog, that is a wholesaler
hello all, he was assigning the contract. thanks, tim