Problem With Homeowner
this is the situation, i have been working with this homeowner for 7 weeks tyring to get a short sale approved, 10 days ago she went behind my back and signed a contract with another investor. we already have contract that was signed at our first meeting in July, the sale date is 9/15/04 i am now unable to contact the homeowner as she will not return my calls. any suggetions as to how i should proceed from this point?
Presumably, the contract was witnessed and/or notarized and you have proof of consideration making it a valid contract. I'd record your Contract.... and at least position yourself for a finder's fee.
[addsig]
guess i screwed up with this one then as i never got it witnessed or notarizied, and the consideration that i gave was $10 in cash, so i asume that leaves me with nowhere to go with this one except to write it up to expierience. is there any point in recording this document now?
$10 is legal consideration. I'd try to get it recorded.... or, at the very least, tell the Seller that you have recorded the contract. She might not know what that means... but the other Buyer surely does.
[addsig]
In FL, you can not record P&S contracts. You can record a memorandium of agreement.
Brenda
You could also tell the homeowner that you have already shown the bank your P&S. They will kill the deal if another P&S shows up. This is assuming that a short sell is the only way to make this deal work.
Brenda
Thanks for all the replys, the bank has the full short sale package including copies of the contract we signed, short sale is the only way to make this deal work. Is it still possible to record the contract at his stage, we signed it 7 weeks ago and if so will it matter that it is not witnessed or notarized. I am not sure what the bank will make of this mess, it will probably kill any chances for everyone involved with this deal.
It is at this juncture that I would stand aside and look into the upcoming foreclosure sale. It never stops. If the equity is workable you might offer on behalf of client a small second mortgage to clean the mess up. I am sure you know the next step after that.
I lose them at all stages of the game. Guy gets out of jail and I have bought at discount the Bail bond that is now covered by a second deed of trust on the house. I am in at 20 cents on the dollar. The now ex con having seen the light wishes for me to allow him to pay off the encumbrance at 20 cents on the dollar you know what talkers Bail Bond People are. I say no but I am willing to transact. He wants a new second on the house so he can get a little money together so he can get new tools and keys for his business which is right on you guessed it Stealing Cars. Wants me to finance a criminal enterprise. What does he think I am a Vigarage man standing on the corner. My god they get a lof of money for a short term loan. Hmmm.
So I talk the Bail Bonds man into making a new second and it pays off my second dollar for dollar. Flushed with profit I take the Bail Bonds guy and the now also flush Car thief out to dinner. While at dinner guess what. Someone stole the Car thiefs car and all the new tools. Damn, God must be watching after all. Should I convert? Perhaps God would settle for a little lite tithing.. Nah I would miss all my good friends on the lower deck. Turn off the air conditioning I am in training.
Life in LaLa land. Lucius