HELP…fast…JPiper, Bill B. others… - Posted by Steve(NC)
Posted by Steve(NC) on June 12, 2000 at 17:49:27:
Ok…the wonderful world of gossip and rumors.
I signed up a lease option last weekend with the owner of a condo that was moving to a different state. I explained everything in detail to her about how I was going to do my side and sublease …higher sales price etc… SHe was fine with it and everything.
The night before she moved:
She gave me the keys to the property on sunday evening at around 6pm…at 7pm one of my tenant/buyers who was who had called on my ad earlier that day (and I explained the program to…$800 mo rent with portion credited…3-7% of sale price down etc…)…decided to drive by the condo.
Well the tenant/buyer asked the seller to see the condo…the seller said sure…the tenant/buyer said I like it and want it! So I pay you $800month and $3000 down for it with a sale price of $75,000. The seller flipped out…what…she didnt understand.
So she changed the locks to the door and left for a different state the next day. The seller then called the RE Commission and said how can he sell this if he dont own it…blah blah…they of course said I need a license (yeah right…I am Incorporated and did disclose that I wasnt a realtor or broker).
THe seller was upset and said I was telling people I “owned” the condo. Whenever someone asks me if I own the place (they never do…they just assume I do)…I tell them that my company controls it for the next x years. If they ask further…I do tell them that I have a signed lease purchase contract with the owner that allows me to sell, rent it for x years. That is it! End of story…they understand and everything is cool.
The seller said…well my brother and a few others called your ad…and you told them that it could be rented for $800 month and $3000 down and that you owned it. Again…Someone that I explained the ‘rent to own’ program to…who ASSUMED I was the owner.
I had to track the owner down in a different state…and when I called her…that is how I found out all of this.
She doesnt want to do the deal…but did sign that contract/waste my time/spend my advertising dollars…
And I do have a signed l-p contract. I know I could just put another in the loss column and just move on…but I am not going to be walked over again.
So what steps need to be taken? I havent record memorandum yet…should I? I know I am not going to be in this deal…but I feel I should be compensated for reliquishing my “contract” on this property. Do I have a fight here?
What price is reasonable here to ask? Is my contract valid? Can it be enforced?
Bill? JPiper? Others…
THanks for the help.