dead deal for 1st home? - Posted by Elaine
Posted by Elaine on February 05, 2002 at 16:14:39:
We had a contract to purchase a house with the seller paying 3K toward our closing. Now we find out there’s a judgement against the house (about 5K). The sellers are already losing money on the house by accepting a price less than they bought it for. With the judgement (approx 5K), they cannot bring enough money to the table and we cannot increase our price. We’re out $500 + and if we sue for damages, our atty. says we’ll have to wait in line and may never see that money esp. if they go bankrupt, plus we’ll be accumulating atty. fees and such.
I was wondering, would it be in our best interest to try to work another deal, like say, a lease option?
It seems the sellers had at least $6K to bring to the table originally. Can’t we have them pay off their judgement with that $, and apply it toward a purchase price we set at a future date? It’ll give THEM time and US a house. This way we won’t lose our money and they may not have to go into foreclosure. Does this sound right or is this deal just plain dead?
I’d appreciate any advice.